Kmg Ep Reserves Update as at 31 December 2016

Source Press Release
Company KazMunayGasKazMunaiGas Exploration ProductionPetroKazakhstan 
Tags Production/Development, Reserve Update, Strategy - Upstream
Date January 26, 2017

JSC KаzМunaiGas Exploration Production (“KМG EP” or the “Company”) announces the results of an independent audit of liquid hydrocarbon reserves at the Ozenmunaigas JSC, Embamunaigas JSC, KazGPZ LLP and Ural Oil and Gas LLP (KMG EP share - 50%) fields as at 31 December 2016. The audit was performed by independent consultant DeGolyer and MacNaughton (“D&M”).

According to the D&M report proved plus probable (2P) reserves of liquid hydrocarbons as at 31 December 2016 were 145 million tonnes (1,061 million barrels). Taking into account the amount of oil produced during 2016, the 2P reserves increased by 0.7 million tonnes (8 million barrels). The reserves replacement ratio (the ratio of the reserves increase to annual production) was 8%.

Proved (1P) reserves of liquid hydrocarbons as at 31 December 2016 were 93 million tonnes (684 million barrels), and proved, probable and possible (3P) reserves stand at 196 million tonnes (1,433 million barrels).

Liquid hydrocarbon reserves as of 31 December 2016.

  Million tonnes  Million barrels 
  1P  2P  3P  1P  2P  3P 
Reserves as at 31 Dec 2015  99  152  204  723  1,115  1,491 
Production  8.4  8.4  8.4  62  62  62 
Reserves increase  2.5  0.7  0,1  22 
Reserves as at 31 Dec 2016  93  145  196  684  1,061  1,433 
Present worth at 10%, US$m        3,053  3,560  4,011 

The report does not include KMG EP’s share in reserves of JV Kazgermunai LLP, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc.

Source: EvaluateEnergy® ©2022 EvaluateEnergy Ltd