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Operating results for the first nine months of 2016

25.10.2016

JSC KazMunaiGas Exploration Production (“KMG EP” or “Company”) announces its operating results for the first nine months of 2016.

Production

Overall, KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 9,134 thousand tonnes of crude oil (246 kbopd) for the nine months of 2016, which is a 1% decrease over the same period of 2015.

Ozenmunaigas JSC (“OMG”) produced 4,181 thousand tonnes (112kbopd), a 2% increase as compared to the same period of 2015. Embamunaigas JSC (“EMG”) produced 2,122 thousand tonnes (57kbopd), which is 1% more than it has produced in the same period of 2015. The total volume of oil OMG and EMG produced was 6,303 thousand tonnes (169kbopd), which is a 1% increase compared to production for the same period of 2015.

The Company’s share in production from CCEL, KGM, and PKI for the first nine months of 2016 amounted to 2,831 thousand tonnes of crude oil (77kbopd), which is 6% less than in the same period of 2015, mainly because of forecasted decline in production of oil by PKI.

Crude oil supplies and sales of petroleum products

In the first nine months of 2016, the Company’s combined sales from OMG and EMG were 6,283 thousand tonnes (166kbopd) including 3,743 thousand tonnes (99kbopd) of oil for export which is 60% from the total sales volume; and 2,540 thousand tonnes (67 kbopd) of oil to the domestic market. Additionally, 4 thousand tonnes of oil products were sold to the domestic market.

In the first nine months of 2016, out of 2,540 thousand tonnes (67 kbopd) of oil supplied by OMG and EMG to the domestic market, 1,981 thousand tonnes (52 kbopd) was supplied to Atyrau Refinery; and 559 thousand tonnes (15 kbopd) was supplied to Pavlodar Petrochemical Plant.

In quarter 1 of 2016, before the Company switched to independent oil refining scheme, domestic supplies were 830 ktonnes of oil. Between April and September 2016, 1,710 ktonnes of oil was[1] supplied to the domestic market for further refining.

As per the independent oil refining scheme, sales of petroleum products for the first nine months of 2016 was 1,519 ktonnes of petroleum products. For more details on petroleum product sales, please see Table No.2 below.

The Company’s share in the sales from CCEL, KGM, and PKI was 2,769 thousand tonnes of crude oil (75 kbopd), including 1,416 thousand tonnes (37 kbopd) supplied to export markets, or 51% of total sales volume. The domestic sales volume was 1,353 thousand tonnes (38 kbopd).

In the first nine months of 2016 there is a shift in use of production streams: as percentage of total production Export is up from 50% to 56% , domestic supply up from 38% to 43% and Russia Supply (Intergovernmental Agreement) down from 11% to nil%.

Appendix

[1] Prior to April 2016, the Company had been supplying a portion of crude oil to KazMunaiGas Refining & Marketing (“KMG RM”) as part of its domestic supply obligations. Starting April 2016, the Company has been refining crude oil at Atyrau Refinery and Pavlodar Petrochemical Plant, and selling crude oil through KMG RM that has since been acting as a sales agent.

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.

JSC NC KazMunayGas

JSC KazMunaiGas Exploration Production (“KMG EP” or “Company”) announces its operating results for the first nine months of 2016.

Production

Overall, KMG EP, including its stakes in Kazgermunai (“KGM”), CCEL (“Karazhanbasmunai”) and PetroKazakhstan Inc. (“PKI”), produced 9,134 thousand tonnes of crude oil (246 kbopd) for the nine months of 2016, which is a 1% decrease over the same period of 2015.

Ozenmunaigas JSC (“OMG”) produced 4,181 thousand tonnes (112kbopd), a 2% increase as compared to the same period of 2015. Embamunaigas JSC (“EMG”) produced 2,122 thousand tonnes (57kbopd), which is 1% more than it has produced in the same period of 2015. The total volume of oil OMG and EMG produced was 6,303 thousand tonnes (169kbopd), which is a 1% increase compared to production for the same period of 2015.

The Company’s share in production from CCEL, KGM, and PKI for the first nine months of 2016 amounted to 2,831 thousand tonnes of crude oil (77kbopd), which is 6% less than in the same period of 2015, mainly because of forecasted decline in production of oil by PKI.

Crude oil supplies and sales of petroleum products

In the first nine months of 2016, the Company’s combined sales from OMG and EMG were 6,283 thousand tonnes (166kbopd) including 3,743 thousand tonnes (99kbopd) of oil for export which is 60% from the total sales volume; and 2,540 thousand tonnes (67 kbopd) of oil to the domestic market. Additionally, 4 thousand tonnes of oil products were sold to the domestic market.

In the first nine months of 2016, out of 2,540 thousand tonnes (67 kbopd) of oil supplied by OMG and EMG to the domestic market, 1,981 thousand tonnes (52 kbopd) was supplied to Atyrau Refinery; and 559 thousand tonnes (15 kbopd) was supplied to Pavlodar Petrochemical Plant.

In quarter 1 of 2016, before the Company switched to independent oil refining scheme, domestic supplies were 830 ktonnes of oil. Between April and September 2016, 1,710 ktonnes of oil was[1] supplied to the domestic market for further refining.

As per the independent oil refining scheme, sales of petroleum products for the first nine months of 2016 was 1,519 ktonnes of petroleum products. For more details on petroleum product sales, please see Table No.2 below.

The Company’s share in the sales from CCEL, KGM, and PKI was 2,769 thousand tonnes of crude oil (75 kbopd), including 1,416 thousand tonnes (37 kbopd) supplied to export markets, or 51% of total sales volume. The domestic sales volume was 1,353 thousand tonnes (38 kbopd).

In the first nine months of 2016 there is a shift in use of production streams: as percentage of total production Export is up from 50% to 56% , domestic supply up from 38% to 43% and Russia Supply (Intergovernmental Agreement) down from 11% to nil%.

Appendix

[1] Prior to April 2016, the Company had been supplying a portion of crude oil to KazMunaiGas Refining & Marketing (“KMG RM”) as part of its domestic supply obligations. Starting April 2016, the Company has been refining crude oil at Atyrau Refinery and Pavlodar Petrochemical Plant, and selling crude oil through KMG RM that has since been acting as a sales agent.

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.
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