KazakhOil reports on output performance

Kazakhstan's national oil company KazakhOil announced that its subsidiaries had extracted a total of 3.763 mm tons of crude oil in the first seven months of 2001. This was slightly more than 7 % above the target figure of 3.516 mm tons and 12 % above the figure of 3.36 mm tons posted in the January-July period of 2000.
The increase in output was largely the result of a production stimulation program and the completion of 89 new development wells. It added that a total of 12.2 bn tenge had been invested in production in the first seven months of 2001, up from about 8.7 bn tenge in the same period of 2000. KazakhOil used the investment funds to sink more wells, increase drilling totals and acquire new equipment.

It also said that the company had paid 29 bn tenge in taxes in the January-July interval, more than 61 % above the target figure of 18 bn tenge and 80 % above the year-ago figure of about 16.1 bn tenge. KazakhOil also expended 3.318 bn tenge on social welfare programs in the first seven months of this year, up from 2.212 bn tenge in the same period of 2000. These funds were used to cover the cost of building residential housing, municipal buildings and various social and cultural facilities.