UPDATE 1-Kazakh KazMunaiGas EP 2008 net jumps to $2 bln

* Reserve replacement ratio 113 pct in 2008

* Core oil output in 2009 seen down 3.5 pct

* Capex in 2009 is expected at around 40 bln tenge

(Adds details, background)

MOSCOW, April 30 (Reuters) - Kazakh oil producer KazMunaiGas Exploration and Production (KMG EP) (KMGq.L)RDGZ.KZ plans to cut core output this year after booking a $2 billion profit in 2008 on higher sales and prices.

"The planned reduction of production level reflects the adjustment of the Company's budget to the lower oil price environment anticipated in 2009," KMG EP said on Thursday.

Most of KMG EP output comes from mature fields in Western Kazakhstan where output is due to fall 3.5 percent to 9.14 million tonnes. It also has stakes in two smaller producers whose output is on the rise and plans to continue acquisitions.

KMG EP's majority shareholder, Kazakh state oil and gas firm KazMunaiGas [KMG.UL] , earlier this month agreed to buy another local producer MangistauMunaiGas (MMG) together with China's CNPC.

"It is anticipated that after this transaction is finalised, the negotiations concerning the acquisition of a stake in MMG by KMG EP will commence," it said.

KMG EP said it had "radically" cut costs following the oil price decline but avoided redundancies.

The company has earlier said it would not increase planned 2009 capital expenditure in spite of the 18-percent devaluation of the Kazakh tenge currency in February, thus cutting it in dollar terms to around $265 million. (Writing by Olzhas Auyezov; editing by Simon Jessop)