92
93
FORWARD LOOKING STATEMENT
This Annual Report includes statements that contain words or phrases such as “will”, “aim”, “will likely result”, “
believe”, “ expect”, “will continue”, “anticipate” “estimate” “intend” “plan”, “contemplate”, “seek to”, “future”,
“objective”, “goal”, “project”, “should” “will pursue” and similar expressions or variations of such expressions which
are “forward looking statements”. Such forward looking statements are by their nature speculative and based on
various assumptions. Any such statements are hypothetical with respect to prospective events and should not
be construed as being indicative of the actual events which will occur or a guarantee of future performance. All
forward-looking statements are subject to risks, uncertainties and assumptions that could cause actual results to
differ materially from those contemplated by the relevant forward looking statements.
Important factors that could cause results to differ materially from the Company’s expectations include, among
others:
• General economic and business conditions in Kuwait and other countries;
•TheCompany’s ability to successfully implement its strategy, growthandexpansionplans, and technological changes;
• Changes in the value of the Kuwaiti Dinar and other currency changes;
• Changes in Kuwaiti or international interest rates;
• Changes in laws and regulations that apply to investment companies in Kuwait;
• Changes in political conditions in Kuwait and other countries; and
• Changes in the foreign exchange control regulations in Kuwait.
KPC:
Kuwait Petroleum Corporation
LPG:
Liquefied Petroleum Gas
m:
Meters; 1m = 3.281 feet
M&A:
Mergers and Acquisitions
MENA:
Middle East & North Africa
Mbbl:
Thousand barrels
mboe:
Thousand barrels oil equivalent
MM:
Million
MMBOE/mmboe:
Million barrels oil equivalent
MBA:
Master of Business Administration
NHEPL:
New Horizon Exploration & Production Limited, Pakistan
N / A:
Not Applicable
NSAI:
Netherland Sewell & Associates, Inc
Proven:
Proven reserves are those quantities of petroleum which, by analysis of geological and
engineering data, can be estimated with reasonable certainty to be commercially recoverable,
from a given date forward, from known reservoirs and under current economic conditions,
operating methods, and government regulations
Probable:
Probable reserves are those reserves which analysis of geological and engineering data suggests
are more likely than not to be recoverable
Production:
The quantity of petroleum produced in a given period
PRMS:
Petroleum Resources Management System
Ph. D:
Doctrate
Reserves:
Reserves are those quantities of hydrocarbons which are anticipated to be commercially
recovered from known accumulations from a given date forward
Revenue Working
Interest:
The percentage interest of the company in the contract for an asset with the host government
RRR:
Reserves Replacement Ratio; derived using total reserves additions in a period/ total production
in same period
sq. kms:
Square kilometers
scf:
Standard cubic feet
SPE:
Society of Petroleum Engineers
SPEE:
Society of Petroleum Evaluation Engineers
US$/US$:
United States Dollars
WI:
Working Interest; A Company’s equity interest in a project before reduction for royalties or
production share owed to others under the applicable fiscal terms
Workover:
Operations on a producing well to restore or increase production
WPC:
World Petroleum Council
YE09:
Year-End 2009
YE10:
Year-End 2010
YE11:
Year-End 2011 (Kuwait Energy follows January to December as its financial/ reporting year)
2C:
Contingent Resources Mid - case Recoverable Volume
2D:
2 dimensional
1P:
Proven Reserves
2P:
Proven plus Probable Reserves
3P:
Proven, Probable and Possible reserves
3D:
3 dimensional
3D seismic:
Derived from a set of seismic lines. 3D seismic data provide detailed information about fault and
subsurface structures
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Number
