KMG EP: Reserve Audit for 2015 Shows a 15% Increase in 2P Reserves
JSC KаzМunaiGas Exploration Production (“KМG EP” or the “Company”) announces the results of the estimates of liquid hydrocarbon reserves as at 31 December 2015 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 2015 excluding the Company’s stakes in JV Kazgermunai LLP, CCEL and PetroKazakhstan Inc. were 152 million tonnes (1,115 million barrels), which is 15% more than at the end of 2014 mainly due to the involvement in the development of reserves through the implementation of more effective geological and technical measures, including the drilling of wells.
Proved (1P) reserves of liquid hydrocarbons as at 31 December 2015 were 99 million tonnes (723 million barrels), and proved, probable and possible (3P) reserves stand at 204 million tonnes (1,491 million barrels).
Million tonnes | Million barrels | |||||
1P | 2P | 3P | 1P | 2P | 3P | |
Reserves as at 31 Dec 2014[1] | 103 | 132 | 164 | 763 | 981 | 1,215 |
Production | 8.3 | 8.3 | 8.3 | 61 | 61 | 61 |
Reserves growth | -4.1 | 28 | 48 | -20 | 194 | 337 |
Reserves as at 31 Dec 2015[2] | 99 | 152 | 204 | 723 | 1,115 | 1,491 |
Present worth at 10%, US$m | 2,535 | 2,849 | 3,395 | |||
