Baku, Azerbaijan, Apr. 14
By Elena Kosolapova - Trend:
The oil reserves of KаzМunaiGas Exploration Production JSC ("KМG EP" or the "Company") decreased, the company said Apr.14
The reserves audit was performed by independent consultant Miller and Lents, Ltd. ("MLL") at the Ozenmunaigas JSC ("OMG"), Embamunaigas JSC ("EMG") and Ural Oil and Gas LLP ("UOG" where KMG EP holds a 50 percent stake) fields.
"Proved (1P) liquid hydrocarbon reserves are down by 16 percent, or 19 million metric tons, to 103 million metric tons (763 million barrels)," said the message. "Proved plus probable (2P) liquid hydrocarbon reserves are down by 11 percent, or 16 million metric tons, to 132 million metric tons (981 million barrels). Proved, probable plus possible (3P) liquid hydrocarbon reserves are down by 10 percent, or 18 million metric tons, to 164 million metric tons (1,215 million barrels)."
The decrease in the liquid hydrocarbon reserves is primarily due to the decline in the crude oil and gas products price, partially offset by the devaluation of Tenge, said the company. The crude oil price decline was reflected primarily in the OMG fields as the 2P liquid hydrocarbon reserves decreased by 19.6 percent or 19.5 million metric tons, according to the message.
"At the EMG fields, the 2P reserves of liquid hydrocarbons increased by 4.5 percent or 1.8 million metric tons due to enhanced actual production indicators as compared to the forecast made by MLL in 2013 reserves report which has had a positive effect on the outlook of those indicators," said the company. "At the UOG (Rozhkovskoye field) there was a 16.4 percent or 1.3 million metric tons increase in 2P reserves as a consequence of the new deposits discovery in the Bashkirian horizon in 2014."
KMG EP is among the top three Kazakh oil producers. The overall production in 2014 was 12.3 million metric tons (250 kbopd) of crude oil, including the Company's share in Kazgermunai, CCEL and PKI. The Company's total consolidated volume of proved and probable reserves including shares in the associates, as at the end of 2014 was 177 million metric tons (1.303 bn bbl), out of which 132 million metric tons (981 mn bbl) relates to Ozenmunaigas, Embamunaigas, and Ural Oil and Gas (Rozhkovskoye field, Fyodorovskiy block).
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