TPAO transfers its shares in KazakhTurkMunay jv to Kazakhstan

Turkey's state-owned oil and gas exploration company Turkiye Petrolleri AO (TPAO) has transferred its 49% shares in KazakhTurkMunay - joint venture between TPAO and KazMunaiGaz- to its main company KazMunaiGaz. Turkish Energy Minister Taner Yildiz said that Turkey discarded its arbitration case in Kazakhstan and agreed with the government. "TPAO has transferred its 49% share in KazMunaiGaz to Kazakhstan for $205 million," Energy Minister Yildiz said to press in Kutahya. 

State-owned energy company KazMunaiGaz or KMG controls oil and gas pipelines. KMG has a stake in the giant Kashagan oil field, which remains out of commission due to pipeline leaks despite more than $50 billion in spending.

Among the stakeholders for Kashagan field are US-based Exxon Mobil, Anglo-Dutch oil company Royal Dutch Shell, Italy's Eni along with France's Total.

KazMunaiGaz's exploration company KazMunaiGas Exploration Production or KMG EP announced its financial figures on July 23.

According to company filing, the company's consalidated production, including its stakes in Kazgermunai (KGM), CCEL (CCEL) and PetroKazakhstan Inc. (PKI), was 6,106 thousand tonnes (250 kbopd), which is a 0.2% increase compared with the same period of 2013. The company also said that committed to its 2014 production plan of 8,170 thousand tonnes (165 kbopd) for Ozenmunaigas JSC (OMG) and Embamunaigas JSC (EMG).