During the first three months in 2014 KazMuinaiGas Exploration and Development company received a profit worth $1,301 billion, up 9% against the same period in 2013, reported the company’s press office.
The company reported that during first three months average price of Brent oil reduced by 4% against the same period in 2013 – from $112.6 to $108.2 per barrel.
“During the first three months in 2014 net profit totaled $727 million mainly because of the income from exchange rate difference before tax deduction after the tenge devaluation in February 2014,” reported the company’s press office.
The company reported that during the first three months of 2014 production costs totaled $258 million, up 2% against the same period in 2013, because of rising expenses for rewarding employees of the production divisions.
The company is among top three oil production leaders in Kazakhstan. In 2013 the company’s production, considering its shares in Kazgermunai JV, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc, totaled 12.4 million tons (251,000 barrels a day).
