Large Kazakh oil company reduces proven and probable reserves by 3 percent in 2011

Azerbaijan, Baku, April 16 / Trend E. Kosolapova/

Kazakh National oil and gas company KazMunaiGas Exploration Production reduced its proven and probable reserves by 3 percent in 2011, the company reported on Monday.

"The company's proved plus probable reserves, excluding the stakes in Kazgermunai, Karazhanbasmunai and PetroKazakhstan Inc. hit 225.816 million tons (1.661 billion barrels)," the company said.

The proved plus probable reserves replacement ratio during 2011 was 21 percent. Thus 1.631 million tons (12 million barrels) were added against production of 7.897 million tons (58 million barrels). The proved plus probable reserves life as of late 2011 was 29 years.
The company's proved oil reserves hit 76.294 million tons (561 million barrels) as of late 2011 compared to 81.657 million tons (600 million barrels) as of late 2010. Meanwhile the company's proved plus probable plus possible reserves amounted to 266.809 million tons (1.962 billion barrels) compared to 265.863 million tons (1.955 billion barrels) as of December, 31 2010.

The Company's share in the Proved plus Probable Reserves of Kazgermunai, Karazhanbasmunai hit 21.211 million tons (152 million barrels) of oil, 495,000 tons of gas condensate and 2.064 billion cubic metres of gas.

The Proved plus Probable Reserves under Petroleum Resources Management System for PetroKazakhstan Inc. has not been updated since December 31, 2010, at which time they stood at 329 million barrels of oil and gas condensate.

The assessment of KMG EP's reserves and audit of contingent resources were carried out by the independent energy consulting firm Gaffney, Cline & Associates. These Reserves and Resources have been estimated in accordance with the 2007 Petroleum Resources Management System (PRMS) Definitions and Guidelines of the Society of Petroleum Engineers, World Petroleum Council, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

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