OMG strike in Kazakhstan concludes for KazMunaiGas

Source: KazMunaiGas

The strike that begun on March 1 this year, at the Ozenmunaygaz (OMG) production unit of JSC Exploration Production KazMunaiGas in the city of Zhanaozen (Mangistau region), Kazakhstan, is over. 

As a result of long and difficult negotiations, the parties reached an agreement on all issues raised by the strikers. The Resolution Committee, including the chairman of the National Company KazMunaiGaz, the head of the local administration (akim) and representatives of government ministries and departments reached an agreement to the satisfaction of both the workers and employers. 

Given that all issues have been resolved, on March 19, 2010 all workers of Ozenmunaigaz returned to work.
To date the overall loss of production at OMG is estimated at 12,000 tonnes. On a daily basis an average production loss has been about 2% of KMG EP's consolidated daily output. 

KMG EP is among the top three Kazakh oil and gas producers. The overall production in 2009 was 11.5mmt (an average of 232kbopd) of crude oil, including the Company's share in Kazgermunai and CCEL. The total volume of proved and probable reserves, as at the end of 2008, was 241mmt (1.8bn bbl), excluding the relevant proportion of reserves at Kazgermunai and CCEL; including the share of reserves from Kazgermunai and CCEL the 2P reserves are over 2.1 bn barrels. The Company's shares are listed on Kazakhstan Stock Exchange and the GDRs are listed on The London Stock Exchange. The Company raised over US$2bn in its IPO in September 2006. In July 2009 International rating agency Standard & Poor's (S&P) confirmed KMG EP's "BB+" corporate credit rating and assigned the Company "GAMMA-6" rating.

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