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KazMunaiGas arranged for independent audit of oil reserves

08 october 2011, 10:05
0
Oil drilling rig. ©RIA Novosti
Oil drilling rig. ©RIA Novosti
KazMunaiGas National Oil Company started an independent audit of oil reserves, KazTAG reports citing the company’s press-service.

“KazMunaiGas started independent audit of oil reserves. The audit will be made by Gaffney Cline & Associates in line the international standards via BRNS method (earlier known as SBE method) as of December 31, 2011,” the message states. BRNS method provides precise reflection of aggregate reserves available for exploitation within the whole period of the field’s operation.

KMG Managing Director, Exploration and Production, Alik Aidarbayev noted that currently the company’s reserves estimated in line with the standards of Kazakhstan’s classification make about 800 million tons. At current level of consolidated production KMG has enough proven oil reserves for over 35 years.

“We are satisfied with the start of the audit of reserves and resources of KMG under the international standards. The received data will allow us to more clearly plan the activities in oil exploration and production. The audit of oil and gas reserves will increase liquidity of the company’s securities. This will increase trust to oil and gas projects of KazMunaiGas from potential investors whose judgements are based on statements of western audit companies,” Aidarbayev said.

According to chief ecologist of KazMunaiGas Kurmangazy Iskaziyev, evaluation of resources and reserves of the national company will include all exploration assets, onshore and offshore, as well as all producing assets. According to head of representative office of Gaffney Cline & Associates Peter Holding, the audit will be held for all the companies that KMG has shares in.

“We are covering all developed oil fields, gas fields and all research blocks, i.e. exploration areas, where KazMunaiGas national company has shares in,” he noted. “We have already started this work. Our objective is to complete the draft report by the end of the year. After completion we will discuss this draft report and the final reports will be released in February,” Holding said.

According to him, this will be a very big report containing lots of information on each field and each exploration block in Kazakhstan with KazMunaiGas share in them. “This report will become a potential manual both for national company itself and for potential investors planning to do business in the country,” he said. According to Iskaziyev, international audit of oil reserves is not made to prepare for an IPO.

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