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
27. OIL AND GAS RESERVES (Unaudited)
Proved and probable reserves at
beginning of year
Crude Oil Gas Gas Total
(mmbbls) (bcf) (mmboe) (mmboe)
- Fields in production 47.84 821.28 138.45 186.29
- Projects under development 0.13 186.14 35.11 35.24
Changes during the year
47.97 1,007.43 173.56 221.53
- Revision of previous estimates
(including on acquisition of subsidiary
– See note 26) 11.39 186.66 31.52 42.91
- Production (6.14) (125.55) (21.00) (27.14)
5.25 61.15 10.52 15.77
Proved and probable reserves at end
of year
- Fields in production 52.858 922.02 182.81 235.67
- Projects under development 0.364 146.53 1.26 1.63
53.22 1,068.55 184.07 237.29
Proven reserves are the quantities of crude oil and natural gas which geological and engineering data
demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing
economic and operating conditions.
Probable reserves are those additional reserves which are not yet proven but together with proven reserves are
estimated to have a 50% or better chance of being technically and economically producible.
Oil reserves include the oil equivalent of natural gas. Oil and gas reserves cannot be measured exactly since
estimation of reserves involves subjective judgment and arbitrary determinations. Therefore, all estimates are
subject to periodic revision.
Reserves, reserves volumes and reserves related information and disclosures are referred to as “unaudited” as
a means of clarifying that this information is not covered by the audit opinion of the independent auditor that
has audited and reported on the consolidated financial statements of the Group.
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