KаzМunaiGas sees rise in proved, probable reserves
KаzМunaiGas Exploration Production JSC has announced the results of the estimates of liquid hydrocarbon reserves as at December 31, 2015 performed by independent consultant DeGolyer and MacNaughton (“D&M”).
Proved plus probable (2P) reserves of liquid hydrocarbons as at December 31, 2015 excluding the Company’s stakes in JV Kazgermunai LLP, CCEL and PetroKazakhstan Inc. were 152 million tons, which is 15 percent more than at the end of 2014, according to the D&M report
The reserves’ growth is 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, according to the report.
Proved (1P) reserves of liquid hydrocarbons as at December 31, 2015 were 99 million tons (103 million tons as of late 2014), and proved, probable and possible (3P) reserves stand at 204 million tons (164 million tons as of late 2014).
KMG EP is among the top three Kazakh oil producers. The overall production in 2015 was 12.4 million tons of crude oil, including the Company’s share in Kazgermunai, CCEL and PKI.
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