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Monday September 17, 3:47 PMKazMunaiGas E&P H1 net income, oil output upALMATY, Sept 17 (Reuters) - Kazakh oil company KazMunaiGas E&P on Monday reported a 15.7 percent year-on-year rise in first-half net income and higher crude output due to the acquisition of a local oil company.It said in a statement net income grew to 58.1 billion tenge ($472 million) in the period, while oil output was 4.9 million tonnes, 288,000 tonnes more than in the first half of 2006. "The increase was primarily due to the acquisition of a 50 percent stake in Kazgermunai completed on 24 April 2007," it said. The London-listed upstream subsidiary of national oil company KazMunaiGas [KMG.UL] said its revenues rose 3.6 percent in the period to 209.9 billion tenge. The company bought Kazgermunai, Kazakhstan's No.8 oil and gas producing company, from its parent company in April. In 2006, Kazgermunai's crude production was about 3 million tonnes per year, while at the end of September 2006 it had 40.7 million tonnes of proved and provable reserves. KazMunaiGas said that excluding Kazgermunai oil, it supplied 4.8 million tonnes of crude oil to the market, including 3.7 million to export markets, an increase of 13.1 percent over the first half of 2006. "Such a significant increase of export sales was due to the temporary reduction of supply to the domestic market and is not expected to be sustained in the second half of 2007," it said. |
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