psc - Kufpec

KUWAIT FOREIGN PETROLEUM EXPLORATION COMPANY K.S.C. (CLOSED)
AND SUBSIDIARIES
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2010
9. FIXED ASSETS
Oil and
gas
properties
Decommissioning
assets
Other
fixed
assets
Total
KD 000’s KD 000’s KD 000’s KD 000’s
Cost
At 1 January 2009 794,832 22,153 8,669 825,654
Additions 149,533 - 775 150,308
Revision of estimates - 1,944 - 1,944
Write off of unsuccessful exploration (34,903) - - (34,903)
Disposals costs eeeeeeeexploration costs
- - (6) (6)
Currency translation effects 75,210 4,461 62 79,733
At 1 January 2010 984,672 28,558 9,500 1,022,730
Additions 127,846 - 916 128,762
Revision of estimates (1,505) 8,421 - 6,916
Acquisition of subsidiary (See note 26) 80,777 - - 80,777
Write off of unsuccessful exploration (26,115) - - (26,115)
Currency costs translation effects (21,454) 865 (45) (20,634)
At 31 December 2010 1,144,221 37,844 10,371 1,192,436
Depreciation, depletion,
amortization and impairment losses
At 1 January 2009 377,375 12,129 3,381 392,885
Charge for the year 70,201 4,132 679 75,012
Disposals - - (6) (6)
Net impairment losses (See note 18) 1,985 - - 1,985
Currency translation effects 47,211 (1,074) 49 46,186
At 1 January 2010 496,772 15,187 4,103 516,062
Charge for the year 83,822 2,466 878 87,166
Net impairment losses (See note 18) 33,149 - - 33,149
Currency translation effects (10,824) 1,040 (34) (9,818)
At 31 December 2010 602,919 18,693 4,947 626,559
Carrying amount
At 31 December 2010 541,302 19,151 5,424 565,877
At 31 December 2009 487,900 13,371 5,397 506,668
Annual depreciation rate
Unit of
production
method
Unit of
production
method
20 %
23
52