Razvedka Dobycha KazMunayGaz AO : KMG EP Announces Operating Results for the year ended 31 December 2015

Astana, 27 January 2016. JSC KazMunaiGas Exploration Production ('KMG EP' or 'the Company') announces its full year operating results for 2015.

KMG EP produced 12,351 thousand tonnes of crude oil (251 kbopd), including the Company's stakes in Kazgermunai (KGM), CCEL (Karazhanbasmunai) and PetroKazakhstan Inc. (PKI), almost at the level of 2014.

Ozenmunaigas JSC (OMG) produced 5,510 thousand tonnes (111 kbopd) for the year, an increase of 182 thousand tonnes (4 kbopd) or 3% over the 2014. Embamunaigas JSC (EMG) produced 2,823 thousand tonnes (57 kbopd), same as in 2014. The total volume of oil produced at OMG and EMG is 8,333 thousand tonnes (168 kbopd), up 2% on 2014.

The Company's share in production from CCEL, KGM and PKI for 2015 amounted to 4,018 thousand tonnes of crude oil (83 kbopd), a year on year decline of 4% which primarily relates to the planned reduction of production at PKI.

Crude oil and oil product sales

In 2015, OMG and EMG sold 8,305 thousand tonnes (165 kbopd) of crude oil and oil products; this includes 4,647 thousand tonnes (92 kbopd) of crude oil for export, and 2,742 thousand tonnes (54 kbopd) of crude oil and oil products for the domestic market. A further 916 thousand tonnes (18 kbopd) of crude oil were sold to Russia[1].

Of the 2,742 thousand tonnes (54 kbopd) of crude oil and oil products supplied from OMG and EMG to the domestic market 2,420 thousand tonnes (48 kbopd) of crude oil were supplied to the Atyrau Refinery and 260 thousand tonnes (5.2 kbopd) of crude oil were supplied to the Pavlodar Petrochemical Plant. Additionally, 62 thousand tonnes (1.2 kbopd) of oil products were sold to the domestic market.

The Company's share in crude oil sales from CCEL, KGM, and PKI was 3,943 thousand tonnes (80 kbopd). 1,707 thousand tonnes (34 kbopd), or 43% of the total sales volume, was supplied for export. Crude oil sales to the domestic market were 2,167 thousand tonnes (45 kbopd), of which 1,471 thousand tonnes (31 kbopd) were supplied to the Pavlodar Petrochemical Plant, 506 thousand tonnes (11 kbopd) to the Shymkent Refinery, 53 thousand tonnes (1.0 kbopd) to the Atyrau Refinery, and 138 thousand tonnes (2.5 kbopd) to the Aktau Bitumen Plant. A further 70 thousand tonnes of crude oil (1.3 kbopd) were sold to Russia.

Notes to editors
KMG EPis 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 total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2014 was 177 million tonnes (1,303 mmbbl), out of which 132 million tonnes (981 mmbbl) relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block). 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 in its IPO in September 2006.

For further details please contact us at:
KMG EP Investor Relations ([phone])
Asel Kaliyeva
e-mail: [e-mail]

KMG EP Public Relations ([phone])
Elena Pak
e-mail: [e-mail]

Brunswick Group ([phone])
Carole Cable
e-mail: [e-mail]

Forward-looking statements
This document includes statements that are, or may be deemed to be, ''forward-looking statements''. These forward-looking statements can be identified by the use of forward-looking terminology including, but not limited to, the terms ''believes'', ''estimates'', ''anticipates'', ''expects'', ''intends'', ''may'', ''target'', ''will'', or ''should'' or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They include, but are not limited to, statements regarding the Company's intentions, beliefs and statements of current expectations concerning, amongst other things, the Company's results of operations, financial condition, liquidity, prospects, growth, potential acquisitions, strategies and as to the industries in which the Company operates. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances that may or may not occur. Forward-looking statements are not guarantees of future performance and the actual results of the Company's operations, financial condition and liquidity and the development of the country and the industries in which the Company operates may differ materially from those described in, or suggested by, the forward-looking statements contained in this document. The Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements or industry information set out in this document, whether as a result of new information, future events or otherwise. The Company does not make any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved.

[1] Supplies to Russia are carried out in fulfillment of obligations under the counter-oil supply agreement between the Government of Kazakhstan and the Russian Government. Sales volumes shipped to Russia are specified by the Ministry of Energy of Kazakhstan.