STATE-RUN oil producer KazMunayGaz has reported declining revenues and profit despite favourable export markets and improved output from one of Kazakhstan's foreign-led developments, Kashagan. Revenues fell by 14% to about 1.9 trillion tenge ($4.24 billion), while net profit declined by 13% to 288 billion tenge in the first quarter from the same period of 2022, KazMunayGaz said. However, its oil and condensate production increased by almost 9% to more than 500,000 barrels per day as output at Kashagan more than doubled compared with a year earlier. KazMunayGaz has a stake of almost 17% in the Kashagan oilfield in the shallow waters of the Kazakh sector of the Caspian Sea, which translates into a net 70,000 bpd to the company. It also increased output at some of its wholly owned legacy onshore assets, where subsidiaries Ozenmunaygaz, Mangistaumunaygaz and Embamunaygaz overcame challenges at exhausted brownfield assets to report a combined 3% boost to 226,000 bpd.
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