KMG EP revises production forecast

Flagging output: KMG EP has revised its full year production forecast

REUTERS/SCANPIX

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Josh Lewis

 18 October 2012 09:41 GMT

Kazakh oil producer KazMunaiGas Exploration Production (KMG EP) saw output slip during the first nine months of the year, leading it to trim its production forecast for 2012.

Output for the nine months to 30 September averaged about 246,000 barrels of oil per day, down about 1% compared to the same period last year.

The majority of the decline came from its JSC Uzenmunaigas unit, where output averaged about 99,000 bpd, down from roughly 102,000 bpd during the first nine months of 2011.

KMG EP did not give a reason for the fall in production but earlier this year it admitted it faced a challenge to meet its full-year forecast after adverse weather was blamed for a drop in…

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