KMG EP elects a new Chairman of the Board of Directors

JSC KazMunaiGas Exploration Production (“KMG EP” or the “Company”) held its regular Board of Directors (“the Board”) meeting. During this meeting the Board elected a new Chairman and approved the total volume of crude oil to be directed domestically in 2016.

KMG EP elects a new Chairman of the Board of Directors

Christopher Simon Hopkinson has resigned as Chairman of the Board of Directors for family reasons, effective immediately. Igor Goncharov, who is a member of the Board of Directors since November 2015 and is a Senior vice-president for production of oil and gas at JSC “National Company “KazMunaiGas” (“NC KMG”), was elected as the new Chairman of the Board of Directors.

The volume of oil supplies to the domestic market in 2016

Based on the current results, the Company expects that in 2016 JSC “Ozenmunaigas” (“OMG”) and JSC “Embamunaigas” (“EMG”) will supply 3 372 thousand tonnes (67 kbopd) to the domestic market, which is around 40% of OMG and EMG’s total crude oil sales. Of this amount, 2 670 thousand tonnes (53 kbopd) will be supplied to the Atyrau refinery and 702 thousand tonnes (14 kbopd) will be supplied to the Pavlodar refinery. Earlier, it was expected that the volume of domestic supplies in 2016 will amount to 2 380 thousand tonnes (47 kbopd), which is around 28% of the total crude oil sales.

Nevertheless, the Company is continuously working jointly with NC KMG and the Ministry of Energy to meet the balance of interests of relevant parties.

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.

Igor Goncharov, Senior vice-president for production of oil and gas at NC KMG, was elected to the Board of Directors of KMG EP on November 26, 2015. He has a degree in Mining Geophysical Engineering from the Tomsk Polytechnic Institute, and has a Master’s degree in Petroleum Engineering from Heriot-Watt University. He held various management posts at TomskNIPIneft, Nord Imperial IEC Group, and Department for Subsoil and Oil and Gas Industry at Administration of Tomsk Oblast of Russian Federation

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