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Latest Karachaganak Field Stories

2012-10-08 11:21:30

ASTANA, Kazakhstan, October 8, 2012 /PRNewswire/ -- Oil-rich Kazakhstan has ruled out adopting alternative energy methods for now saying that it will continue to exploit its vast natural resources for economical reasons. Speaking to reporters after the VII KazEnergy Eurasian Forum, the chief of KAZENERGY Association, Timur Kulibayev said that the country was aiming to meet 10% of its energy demand through alternative energy. "It's very fashionable these...

2012-08-02 02:23:06

DENVER, Aug. 2, 2012 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today reported second-quarter 2012 net income of $64.3 million, or $0.74 per diluted share. This compares to second-quarter 2011 earnings of $166.7 million, or $1.94 per diluted share. Second-quarter 2012 net income includes an unrealized non-cash gain on derivative instruments associated with 2012 oil hedges of $10.1 million ($0.07 per share after-tax) and a loss on early extinguishment of debt of $16.2 million ($0.12...

2012-05-03 02:22:47

DENVER, May 3, 2012 /PRNewswire/ -- Cimarex Energy Co. (NYSE: XEC) today reported first-quarter 2012 net income of $106.1 million, or $1.23 per diluted share. This compares to first-quarter 2011 earnings of $118.2 million, or $1.37 per diluted share. First-quarter 2012 net income includes an unrealized non-cash loss on derivative instruments associated with 2012 oil hedges of $2.6 million after-tax, or $0.03 per share. First-quarter 2011 results had a $12.8 million ($0.15 per share)...

2008-08-28 03:00:50

By Anonymous International news for oil and gas professionals For up-to-the- minute news, visit www ngjonline.com General Interest - Quick Takes CGES: World needs more OPEC crude The world needs more crude oil priced at a level that makes it economic to refine, said analysts at the Centre for Global Energy Studies (CGES), London. CGES squarely places the blame for today's tight oil market on the Organization of Petroleum Exporting Countries. The organization continues to assert that...

2008-08-06 21:00:31

ASTANA. Aug 6 (Interfax) - Kazakhstan increased oil and gas condensate production 5.6% year-on-year in the first seven months of 2008 to 41.138 million tonnes, a government official told Interfax. Condensate production fell, by 7.1% to 3.708 million tonnes. KazMunayGas, the national oil and gas company, produced 5.54 million tonnes of oil and gas condensate in the seven months, up 0.6% year-on-year. Companies partly owned by KazMunayGas produced 16.942 million tonnes, up 8.9%: joint...

2008-07-16 21:00:26

ASTANA. July 16 (Interfax) - Kazakhstan exported 25.209 million tonnes of oil and gas condensate in January-May 2008, which is 2.4% less than in the same period in 2007, the Kazakh state statistics agency told Interfax. At the same time, these exports were valued at $16.813 billion, which is 65.1% more than in 2007. Kazakhstan also exported 1.554 million tonnes of oil products (down by 0.6%) valued at $831 million (up by 63.6%). Kazakhstan's imports of oil products amounted to 800,000...

2008-07-16 21:00:25

MOSCOW. July 16 (Interfax) - Oil production in the northern portion of the Caspian Sea may reach 37 million tonnes a year by 2023, Deputy Energy Ministry Anatoly Yanovsky said at the Caspian energy forum in Moscow on Wednesday. Gas production in the region might rise to 18 billion cubic meters (bcm) a year by 2023, he said, citing Energy Ministry estimates that include new discoveries. Russian oil major Lukoil (RTS: LKOH) has reserves in the northern Caspian topping 290 million tonnes of...

2008-07-11 21:00:19

MOSCOW. July 11 (Interfax) - The Federation Council has ratified a Russian-Kazakh intergovernmental agreement on the creation of a joint venture on the basis of the Orenburg gas processing plant to produce hydrocarbons in Russia's Orenburg region and the Karachaganak field in Kazakhstan. The main condition set in the agreement is the signing of long- term - no less than 15 years - commercial contracts providing for the purchase and processing of gas extracted from the Karachaganak field in...

2008-06-14 21:00:11

ASTANA. June 14 (Interfax-Kazakhstan) - Italy's Eni plans to invest over $7 billion in projects in Kazakhstan in four years, CEO of Eni Exploration and Production Division Stefano Cao has said. At an international business conference in Astana on Friday he said that so far Eni has invested $5 billion and plans to invest over $7 billion more in the next four years. He added that in 15 years Eni has become a major foreign investor in Kazakhstan. In Kazakhstan Eni operates the pilot stage...