(EnergyAsia, Feb 28) — Calgary-based PetroKazakhstan Inc said it has significantly expanded its oil and gas reserves in 2004 according to a study by independent reserves auditor, McDaniels and Associates Consultants Ltd.
As of January 1, 2005, the study said PetroKazakhstan’s proved and probable reserves totaled 549.8 million barrels oil equivalent (mmboe), compared to last year’s total of 495.4 mmboe. This year’s total comprises 502.9 million barrels of oil, 32.1 mmboe of natural gas liquids (NGLs) and 88.4 billion cubic feet (bcf) of natural gas representing a replacement of production of 197%. The oil and NGLs reserves alone have increased from 490 mmbo to 535 mmboe, replacing production by 180%.
The company said its oil reserve additions have been a result the exploration and appraisal success, particularly in the Aryskum, Kyzylkiya and Akshabulak areas, its enhanced oil recovery programme which will start in 2005 in the Kumkol South field, and improved performance of the Kumkol South, Kumkol North and South Kumkol fields.
NGLs and gas reserves additions have been a result of PetroKazakhstan programmes for the full utilization of its gas resources: extraction of liquefied petroleum gas (LPG) at plants in the Akshabulak and KAM fields, efficient use of produced gas at the Kumkol power plant and conservation of dry gas by re-injection into reservoirs for future extraction and sale.
PetroKazakhstan’s CEO Bernard Isautier said: “Even under the stringent rules followed by the independent reserves auditor, our company has recorded a spectacular improvement in its reserves base this year. Our five year average reserves replacement of 140% demonstrates the company’s consistent ability to fully exploit and manage an excellent portfolio of development and exploration assets in the South Turgai Basin.
“We continue to pursue every economic opportunity to add reserves and production. McDaniels has identified 255 million barrels of possible crude oil reserves in our existing fields, which will be evaluated. Our exploration acreage and prospect portfolio is growing. NGLs and gas resources are still at a very early stage of assessment and development and will add another dimension to our business growth in the future.”
PetroKazakhstan is a vertically integrated, international energy company, celebrating its eighth year of operations in the Republic of Kazakhstan. It is engaged in the acquisition, exploration, development and production of oil and gas, refining of oil and the sale of oil and refined products.