Source - RNS
RNS Number : 5319K
JSC KazMunaiGas Exploration Prod
22 September 2016
 

KMG EP elects a new Chairman of the Board of Directors

Astana, 22 September 2016. JSC KazMunaiGas Exploration Production ("KMG EP" or the "Company") held its regular Board of Directors ("the Board") meeting. During this meeting the Board elected a new Chairman and approved the total volume of crude oil to be directed domestically in 2016.

 

KMG EP elects a new Chairman of the Board of Directors

Christopher Simon Hopkinson has resigned as Chairman of the Board of Directors for family reasons, effective immediately. Igor Goncharov, who is a member of the Board of Directors since November 2015 and is a Senior vice-president for production of oil and gas at JSC "National Company "KazMunaiGas" ("NC KMG"), was elected as the new Chairman of the Board of Directors.

 

The volume of oil supplies to the domestic market in 2016

Based on the current results, the Company expects that in 2016 JSC "Ozenmunaigas" ("OMG") and JSC "Embamunaigas" ("EMG") will supply 3 372 thousand tonnes (67 kbopd) to the domestic market, which is around 40% of OMG and EMG's total crude oil sales. Of this amount, 2 670 thousand tonnes (53 kbopd) will be supplied to the Atyrau refinery and 702 thousand tonnes (14 kbopd) will be supplied to the Pavlodar refinery. Earlier, it was expected that the volume of domestic supplies in 2016 will amount to 2 380 thousand tonnes (47 kbopd), which is around 28% of the total crude oil sales.

Nevertheless, the Company is continuously working jointly with NC KMG and the Ministry of Energy to meet the balance of interests of relevant parties.

 

Notes to Editors
KMG EP
is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tonnes (251 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The Company's volume of proved and probable reserves excluding shares in the associates, at the end of 2015 was 193 million tonnes (1,409 mmbbl). The Company's shares are listed on the Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn at its IPO in September 2006.

 

Igor Goncharov, Senior vice-president for production of oil and gas at NC KMG, was elected to the Board of Directors of KMG EP on November 26, 2015. He has a degree in Mining Geophysical Engineering from the Tomsk Polytechnic Institute, and has a Master's degree in Petroleum Engineering from Heriot-Watt University. He held various management posts at TomskNIPIneft, Nord Imperial IEC Group, and Department for Subsoil and Oil and Gas Industry at Administration of Tomsk Oblast of Russian Federation

 

For further details please contact us at:

KMG EP. Investor Relations (+7 7172 97 5433)
Saken Shoshanov
e-mail:
[email protected] 

 

KMG EP. Public Relations (+7 7172 97 78 87)
Bakdaulet Tolegen
e-mail:
[email protected]  

 

Brunswick Group (+44 207 404 5959)

Carole Cable

e-mail: [email protected]

 

Bell Pottinger (+44 203 772 2500)
e-mail: [email protected]

Gavin Davis
Henry Lerwill

 

Forward-looking statements

This document includes statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.

 


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