Baku, Azerbaijan, Jan. 26
By Elena Kosolapova – Trend:
Liquid hydrocarbon reserves of Kazakh KаzМunaiGas Exploration Production (KMG EP) increased in 2016, according to the audit carried out by independent consultant DeGolyer and MacNaughton (D&M), KMG EP said in a message published Jan. 26.
According to the D&M report, proved plus probable (2P) reserves of KMG EP liquid hydrocarbons hit 145 million tons as of 31 December 2016. Taking into account 8.4 million tons of oil produced in 2016, the 2P reserves increased by 0.7 million tons. The reserves replacement ratio (the ratio of the reserves increase to annual production) was 8 percent.
Proved (1P) reserves of liquid hydrocarbons hit 93 million ton as of 31 December 2016. Considering oil production in 2016 1P reserves increased by 2.5 tons.
Proved, probable and possible (3P) reserves stand at 196 million tons at the end of 2015 which is 0.1 million tons more compared to assessment as of the end of 2015 taking into account the oil produced in 2016.
The report includes liquid hydrocarbon reserves of such KMG EP’s subsidiaries as Ozenmunaigas, Embamunaigas, KazGPZ LLP and Ural Oil and Gas LLP (50 percent share owned by KMG EP) and does not include KMG EP’s shares in reserves of Kazgermunai LLP, Karazhanbasmunai (CCEL) and PetroKazakhstan Inc.
KMG EP is among the top three Kazakh oil producers.
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