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5
As of 31
st
December 2016, Kuwait Energy’s WI Proven and Probable (“2P”) reserves are
810 mmboe
; a decrease
from the previous year by 1%. The WI contingent resources (“2C”) is
1,040 mmboe
and the best estimate of risked
prospective resources (“P50”) is
28 mmboe
.
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)
YE15
2016 ProducƟon
ExploraƟon Adds
Revisions
AcquisiƟons & Divestments
Year-End 2016
YE16 Net EnƟtlement
Reserves
1P
312
-8
0
33
-9
328
91
2P
818
0
21
-21
810
142
3P
1,651
0
38
-25
1,656
215
ConƟngent
Resources
2C
942
0
181
-84
1,040
ProspecƟve
Resources
Best
34
0
0
-6
34
Total
YE16
YE15
1P
RRR =
301%
1P RRR = 780%
2P
RRR =
-5%
2P RRR = 1986%
Notes:
Audited figures by GCA as of 31 December 2016.
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.
N/E stands for Net EnƟtlement.
Totals may not exactly equal the sum of the individual entries due to rounding to nearest whole number.
20% of Siba, Iraq was divested to EGPC effecƟve 1
st
January 2016.
25% of Abu Sennan, Egypt was divested to GlobalConnect effecƟve 31
st
December 2016, the agreement
remains subject to compleƟon.
R
ESERVES AND
R
ESOURCES