London-listed Kazakh oil and gas producer KazMunaiGas Exploration Production (RDGZ.KZ), or KMG EP, aims to raise production at its core fields, a process which will require additional capital expenditure, a senior company official said Friday.
London-listed Kazakh oil and gas producer KazMunaiGas Exploration
Production (RDGZ.KZ), or KMG EP, aims to raise production at its core fields, a
process which will require additional capital expenditure, a senior company
official said Friday.
"Our current approach is to see whether we can increase production at core
fields somewhat," Alexander Gladyshev, the company's managing director for
investor relations, told a conference call. "At the same time, it is clear
it'll require additional capital expenditure and our goal is to optimize the
combination of the two."
He said the company's management was still working production plans for next
year.
Gladyshev also said KMG EP was still in talks with its parent company Kazakh
state oil and gas company KazMunaiGas over acquiring four onshore exploration
blocks.
"This work is expected to be completed by the end of this year or early
next year," he said, adding that boosting the company's exploration
portfolio was "one of the top priorities of our strategy."
Gladyshev didn't provide any costs or reserves estimates for the exploration
blocks the company was in talks to acquire from KazMunaiGas.
KMG EP's main growth strategy has been through acquiring production assets from
its parent company. This year it also acquire a 35% stake in the White Bear gas
condensate prospect in the North Sea from BG Group (BG.LN), and aims to
diversify its portfolio by getting involved in more offshore projects.
The company, in partnership with Korea Gas Corp., last month won the rights to
develop the Akkas gas field in
Iraq
.
The company announced Friday that its third-quarter net profit rose 9.6% on
year to 56.77 billion tenge ($384.8 million) on higher oil prices. KMG EP's
consolidated oil production in the first nine months of this year was 9.95
million metric tons, or 270,000 barrels a day, a 15% rise compared with the
same period of 2009, mainly due to acquisitions.
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