Astana, Kazakhstan, April 11
By Daniyar Mukhtarov - Trend:
JSC KаzМunaiGas Exploration Production announced the results of the reserves audit as at 31 December 2013 performed by the independent consultant Miller and Lents, Ltd. ("MLL").
There were no significant changes in hydrocarbon reserves as at the end of 2013 compared to the reserves as at the end of 2012, the report said.
"Thus, proved (1P) reserves increased by 4.6% or 5.4 million tonnes and made up 122.1 million tonnes (902 million barrels). Proved plus probable (2P) reserves increased by 0.6% or 0.9 million tonnes and made up 148.8 million tonnes (1,101 million barrels). Proved, probable plus possible (3P) reserves declined by 0.4% or 0.7 million tonnes and made up 82.7 million tonnes (1,349 million barrels)," the report said.
Analysis were carried out at Ozenmunaigas JSC ("OMG"), Embamunaigas JSC ("EMG"), and Ural Oil and Gas LLP ("UOG" where KMG EP holds a 50% stake) fields belonging to KМG EP.
The report noted that the increase in 1P and 2P reserves is mainly due to consideration of long-term plans for drilling of new wells and geological and technical measures on producing assets, revision of estimated annual production decline rate, positive test results of exploration wells at Rozhkovskoye field (Fedorovskiy block).
Assessment of 2P reserves of joint ventures were made separately by independent auditors. KMG EP's share in overall 2P reserves of Kazgermunai (KGM) (50% stake), CCEL (CCEL) (50% stake) and Petrokazakhstan Inc. (PKI) (33% stake) as at the end of 2013 amounted to 51 million tonnes (365 million barrels). Therefore, consolidated 2P reserves of KMG EP including its stakes in KGM, CCEL, and PKI as at the end of 2013 amounted to 200 million tonnes (1,466 million barrels).
KMG EP is among the top three Kazakh oil and gas producers.
Translated by S.I.