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5
As of 31
st
December 2016, Kuwait Energy’s WI Proven and Probable (“2P”) reserves are
810 mmboe
; a decrease
from the previous year by 1%. The WI contingent resources (“2C”) is
1,040 mmboe
and the best estimate of risked
prospective resources (“P50”) is
28 mmboe
.
It is worth noting that
the
valuation of a private E&P company is most commonly based on its audited reserves
and associated economic models.
Classification
Category
Kuwait Energy Reserves and Resources (in mmboe)
YE15
2016 Production
Exploration Adds
Revisions
Acquisitions & Divestments
Year-End 2016
YE16 Net Entitlement
Reserves
1P
312
-8
0
33
-9
328
91
2P
818
0
21
-21
810
142
3P
1,651
0
38
-25
1,656
215
Contingent
Resources
2C
942
0
181
-84
1,040
Prospective
Resources
Best
34
0
0
-6
34
Total
YE16
YE15
1P
RRR =
301%
1P RRR = 780%
2P
RRR =
-5%
2P RRR = 1986%
Notes:
•
Audited figures by GCA as of 31 December 2016.
•
Excludes KSF, Oman which cannot be included in external reserves reporting as per the service contract.
•
Reserves Replacement Ratio considers acquisitions and divestment.
•
Prospective Resources estimates are risked.
•
N/E stands for Net Entitlement.
•
Totals may not exactly equal the sum of the individual entries due to rounding to nearest whole number.
•
20% of Siba, Iraq was divested to EGPC effective 1
st
January 2016.
•
25% of Abu Sennan, Egypt was divested to GlobalConnect effective 31
st
December 2016.
R
ESERVES AND
R
ESOURCES