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KMG EP reserves update as at 31 December 2016

Thursday 26 January 2017

ASTANA (KazMunaiGas press service) — JSC KаzМunaiGas Exploration Production (KМG EP) announces the results of an independent audit of liquid hydrocarbon reserves at the Ozenmunaigas JSC, Embamunaigas JSC, KazGPZ LLP and Ural Oil and Gas LLP (KMG EP share — 50%) fields as at 31 December 2016. The audit was performed by independent consultant DeGolyer and MacNaughton (D&M).

According to the D&M report proved plus probable (2P) reserves of liquid hydrocarbons as at 31 December 2016 were 145 mln tonnes (1,061 mln barrels). Taking into account the amount of oil produced during 2016, the 2P reserves increased by 0.7 mln tonnes (8 mln barrels). The reserves replacement ratio (the ratio of the reserves increase to annual production) was 8%.

Proved (1P) reserves of liquid hydrocarbons as at 31 December 2016 were 93 mln tonnes (684 mln barrels), and proved, probable and possible (3P) reserves stand at 196 mln tonnes (1,433 mln barrels).

Liquid hydrocarbon reserves as of 31 December 2016:

Million tonnes Million barrels
1P 2P 3P 1P 2P 3P
Reserves as at 31 Dec 2015 99 152 204 723 1,115 1,49
Production 8.4 8.4 8.4 62 62 62
Reserves increase 2.5 0.7 0,1 22 8 3
Reserves as at 31 Dec 2016 93 145 196 684 1,061 1,433
Present worth at 10%, US$m 3,053 3,560 4,011

The report does not include KMG EP’s share in reserves of JV Kazgermunai LLP, CCEL (Karazhanbasmunai) and PetroKazakhstan Inc.

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