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As of 31 December 2015, Kuwait Energy’s WI Proven and Probable (“2P”) reserves were
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
.
Kuwait Energy is currently working on its 2016 audited Reserve and Resources Report
and will publish the updated
volume figures in due course. 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.
ClassificaƟon
Category
Kuwait Energy Reserves and Resources (in mmboe)
YE14
2015 ProducƟon
ExploraƟon Adds
Revisions
AcquisiƟons & Divestments
Year-End 2015
YE15 Net EnƟtlement
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
ConƟngent
Resources
2C
759
0
266
-84
942
ProspecƟve
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 reporƟng as per the service contract.
Reserves Replacement RaƟo considers acquisiƟons and divestment.
ProspecƟve Resources esƟmates are risked.
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 effecƟve 1 July 2013 (but signed in March 2015).
25% of BEA, Egypt was acquired from Gharib Oil effecƟve 15 January 2015.
2015 producƟon is based on actuals up to November 2015 and an esƟmate for December 2015.
R
ESERVES AND
R
ESOURCES