Reserves

According to the reserves audit report prepared by the international independent firm DeGolyer and MacNaughton in line with the PRMS international standard, KMG’s proved and probable hydrocarbon reserves (2P) were 733 mln toe (5,680 mln boe) as of 31 December 2023. 2P reserves increased by 3.7% year‑on‑year. The increase was due to our efforts to ramp up well interventions, drilling of wells and changes in development plans aimed at replenishing production at operating assets, as well as the refinement of development plans for the Kashagan and Karachaganak fields.

The annual assessment of reserves under the PRMS shows that the planned and actual measures to maintain the Company’s (KMG’s) reserve levels are monitored on a continuous basis. The proved reserves (1P) life is 16 years, exceeding the average for global oil majors (about 11 years). The reserves life in the 2P category (proved + probable) is 25 years.

Net reservesNet Reserves are defined as the portion of gross reserves attributable to (1) the interest held by KMG after deducting all interests held by others, and (2) interests that are not held, but controlled by KMG. under PRMS (as of 31 December 2023)
Reserves Hydrocarbon reserves, mln boe Hydrocarbon reserves, mln toe
2021 2022 2023 2021 2022 2023
Proved (1P) 3,694 3,775 3,943 477 486 507
Proved plus Probable (2P) 4,983 5,478 5,680 645 708 733
Proved plus Probable plus Possible (3P) 5,869 6,294 6,502 761 816 842