According to the reserves audit report prepared by the international independent consulting firm DeGolyer and MacNaughton in accordance with international standard PRMS, KMG’s proved plus probable hydrocarbon reserves (2P) were 635 mln toe (4,894 mln boe) as at 31 December 2020. 2P reserves decreased by 6.1% year-on-year, driven mainly by technical (natural decline in production from mature fields) as well as macroeconomic reasons (lower oil price and FX volatility).

The proved reserves (1P) life is 16 years, far exceeding the average for global oil majors (about 11 years).

Net reservesNet Reserves are defined as the portion of the gross reserves attributable to (1) the interest held by KMG after deducting all interests held by others, as well as (2) interests that are not held by KMG, but which KMG controls. under PRMS (as at 31 December 2020)
Reserves Hydrocarbon reserves, mln boe Hydrocarbon reserves, mln toe
2019 2020 2019 2020
Proved (1P) 3,860 3,550 499 459
Proved plus Probable (2P) 5,220 4,894 676 635
Proved plus Probable plus Possible (3P) 6,089 5,832 790 757