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).
|Reserves||Hydrocarbon reserves, mln boe||Hydrocarbon reserves, mln toe|
|Proved plus Probable (2P)||5,220||4,894||676||635|
|Proved plus Probable plus Possible (3P)||6,089||5,832||790||757|