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Kazakh KazMunaiGas Exploration Production to reduce costs by 14%

Cost reduction is planned mainly at the cost of decline of investment

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Astana, Kazakhstan, Dec.12 By Daniyar Mukhtarov – Trend: KazMunaiGas Exploration Production JSC (production subsidiary of KazMunaiGas NC JSC – KMG EP) in 2015 will reduce its production costs by 14 percent, the company said.

"Capital expenditures in 2015 are planned at $115 billion KZT (about $621 million), which is 14 percent lower than the planned expenditures in 2015, according to the business plan approved a year earlier," said a statement.

Cost reduction is planned mainly at the cost of decline of investment, which will not affect the level of production.

"In addition, the company intends to reduce the cost for infrastructure projects, as well as at the cost of the transfer of some long-term projects of the modernization program at a later date," said a statement.

KazMunaiGas Exploration Production JSC (KMG) at a meeting of the Board of Directors approved the budget for 2015, taking into account the price per barrel of Brent crude oil at $70 per barrel.

It was previously reported that according to the plans of KMG EP, total oil production in 2015 of all production units of the company should reach 12.2 million metric tons, 5.2 million of which will be supplied to the domestic market.

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