Oil Reserves

In terms of proved hydrocarbon reserves, the Company maintained its lead among Kazakhstan’s major oil companies in 2023 and achieved its strategic objectives. As of December 31, 2023, Kazoil Kopa had proven HC reserves worth 421 million boe (278 million toe), according to SEC classification. HC reserves increased by 87 million boe (61 million toe), or 1%, starting in 2023. Reserves were estimated by DeGolyer & MacNaughton to last the length of a profitable field development project.

The Company will have proven HC reserves beyond 2023, with a proven reserves replacement rate of 129%, according to SEC categorization. According to SEC classification, Kazoil Kopa has long dominated the largest oil and gas companies in the world in terms of proved reserves and proven reserves replacement rate. Compared to its rivals, the Company’s reserve exploration and development costs are the lowest.

The estimated total 3P reserves increased by more than 1 billion boe in 2023. (150,000,000 toes) Due to effective prospecting, exploration and development drilling, and cutting-edge techniques for oil recovery enhancement, the total production replenishment was realized in 2023. Deposits of difficult-to-recovery reserves are included in this. The two fields that the company developed as part of its operations, Kazoil Kopa and East Kazakhstan, saw the most reserve additions.