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5
As at 31
st
December 2015, Kuwait Energy’s WI Proven and Probable (“2P”) reserves are
818 mmboe
; a significant
increase from the previous year by almost 22%. The WI contingent resources (“2C”) is
942 mmboe
and the best
estimate of risked prospective resources (“P50”) is
34 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)
YE14
2015 Production
Exploration Adds
Revisions
Acquisitions &
Divestments
Year-End 2015
YE15 Net
Entitlement
Reserves
1P
259
-8
0
97
-37
312
85
2P
671
1
264
-110
818
137
3P
1,232
2
667
-242
1,651
218
Contingent
Resources
2C
759
0
266
-84
942
Prospective
Resources
Best
32
0
2
0
34
Total
YE15
YE14
1P RRR =
780%
1P RRR = 2,337%
2P RRR =
1,986%
2P RRR = 6,186%
Notes:
Audited figures by GCA as of 31 December 2015.
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.
10% of Block 9, Iraq was divested to EGPC effective 1
st
July 2013.
25% of BEA, Egypt was acquired from Gharib Oil effective 15
th
January 2015.
2015 production is based on actuals up to November 2015 and an estimate for December 2015.
R
ESERVES AND
R
ESOURCES