Kazakh KMG EP revises budget for 2015

KazMunaiGas Exploration Production JSC (KMG EP or the "company") announces the approval by the board of directors (“the board”) of a revision to the company’s 2015 budget, said the message of the company Sept.28.

The 2015 budget was revised assuming the average annual Brent price of $51 per barrel and an average annual exchange rate of 208 tenge per 1$.

Capital expenditure in 2015 is expected to be 106 billion tenge ($511 million), which is 11 billion tenge or 12 percent more than the capital expenditure plan for 2015 approved in May 2015.

Higher capital expenditure is due to the drilling of 57 additional wells at Ozenmunaigas (OMG). Finally, 274 wells are now planned to be drilled in 2015 at both OMG and Embamunaigas (EMG), in comparison to 217 wells previously approved in May 2015.

The additional expenditure on wells was approved after assessment of its economic value.

KMG EP is among the top three Kazakh oil producers.

/By Trend/