KMG launches independent audit of oil reserves
Kazakhstan, Astana, Oct. 6 / Trend A. Maratov /
KazMunayGas has started to conduct an independent audit of oil reserves, the national company said.
"The audit will be carried out by Gaffney Cline and Associates in accordance with international standards and Petroleum Resources Management System methodology as of Dec. 31," KMG said on Thursday.
KMG chose Petroleum Resources Management System for audit. It is based on the dynamics of development indices and evaluation of the initial geological reserves by category.
This methodology provides accurate reflecting of the total reserves available for use during the lifetime of the field. Thus, PRMS is used by the Society of Petroleum Engineers (SPE), World Petroleum Congress (WPC), American Association of Petroleum Geologists (AAPG) and Society of Petroleum Evaluation Engineers (SPEE).
KMG Managing Director for Exploration and Production Alik Aidarbayev stressed that KMG's recoverable reserves have hit about 800 million tons.
"The audit of its oil and gas fields will increase securities liquidity on the market," he said.