Flagging up: KazMunaiGas has boosted year-to-date revenues on higher prices and increased production
KazMunaiGas hoists revenues
Kazakh state oil company KazMunaiGas increased oil output 8.5% year-on-year to 13.3 million tonnes (100 million barrels) in January to September 2008 and doubled revenues in the same period, the company said.
Output growth was mostly due to the consolidation of Karazhanbasmunai, a company acquired by KazMunaiGas this year, and higher production at Chevron-led Tengizchevroil in which it has a stake, the company said late yesterday, Reuters reported.
Revenues doubled year-on-year in January-September to 2.355 trillion tenge (about $20 billion), it said.
KazMunaiGas is the majority shareholder of London-listed KazMunaiGas Exploration and Production.