ASTANA, Kazakhstan, February 27. KazMunayGas' (KMG, Kazakhstan's national oil and gas company) proved plus probable hydrocarbon reserves amounted to 733 million tons of oil equivalent (5,680 million barrels of oil equivalent) as of 31 December 2023, Trend reports.
According to a reserves report prepared in compliance with international Professional Risk Management Services (PRMS) standards by the international independent firm DeGolyer&MacNaughton, compared to 2022 (707 million tons or 5,478 barrels of oil equivalent), the level of proven and probable reserves increased by 3.7 percent.
As the KMG noted, the growth in indicators was due to the actual measures taken to increase the volume of geological and technical measures, drilling wells and changing development plans aimed at replenishing production at operating assets, as well as clarifying the development plans at Kashagan and Karachaganak fields.
At the same time, proven reserves amounted to 507 million tons of oil equivalent (in 2022 - 486 million tons), and proven plus probable plus possible reserves amount to 842 million tons of oil equivalent (in 2022 - 816 million tons).
Meanwhile, the volume of oil and gas condensate production by KMG amounted to 23.5 million tons (486,000 barrels per day) in 2023. The volume of oil and gas condensate production grew by 6.5 percent from 2022.
At the same time, natural and related gas output climbed by 14.8 percent over the reporting period, reaching 9.45 billion cubic meters.