Reserves Dip, Targets in Jeopardy for Kazakh Producer

摘要

London-listed Kazmunaigas Exploration Production (KMG EP) said Monday that its proved and probable (2P) reserves fell by almost 3% year-on-year as its CEO admitted a new focus on exploration had come a bit late in the day. According to a report from auditor Gaffney, Cline & Associates, the Kazakh producer's 2P reserves in accordance with Petroleum Resources Management System (PRMS) standards -- excluding its stakes in joint ventures Kazgermunai, CCEL and PetroKazakhstan -- stood at 1.661 billion barrels as of Dec. 31, 2011, compared with 1.707 billion bbl a year earlier.