OREANDA-NEWS. December 11, 2009. Exploration and Production KazMunayGas (Astana), listing on the Kazakhstan Stock Exchange (KASE), provided KASE with a press release, reported the press-centre of KASE:

The Board of Directors of JSC KazMunayGas Exploration Production ("KMG EP", "The Company") has approved the 2010 budget. The budget assumes average Brent oil price for the year of US50 per barrel.

The Company's total capital expenditure at Uzenmunaigas and Embamunaigas for 2010 is expected to be 91.9bn Tenge (US612.4m). This increase in capital expenditure compared to 2009 (approximately 46.6bn Tenge or US310.7m) is due to the increase of expenditure on production and exploration drilling, and on the gas utilization project at the Prorva group of fields developed by the Company's production unit Embamunaigas.

Production for 2010 at the Company's core assets (Uzenmunaigas and Embamunaigas) is expected to be 9,200 thousand tonnes (185.5kbopd), 2.2% higher than in 2009 (181.5kbopd).

The approved budget for 2010 allows KMG EP to maintain its operations at a sustainable level and in line with the Company's strategy.