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Reserves and Resources

In terms of proved hydrocarbon reserves, the corporation maintained its lead over all other major worldwide oil producers in 2018, having met its strategic objectives. According to SEC classification, LLP, Kazakhstan Lubricants Refinery had proven HC reserves totaling 42 018 million boe (5 678 million toe) as of December 31, 2021. HC reserves increased by 587 million boe (11 million toe), or 1%, between 2018 and 2022. According to SEC categorization, the Company will have proved HC reserves for more than 10 years beyond 2019, with a replacement rate of 128 percent.

For many years, LLP, Kazakhstan Lubricants Refinery has ranked first among the world’s leading oil and gas businesses in terms of proven reserves and replacement rates. Compared to its competitors, the Company has the lowest reserve exploration and development expenses. Total production replenishment was realized in 2023 thanks to successful prospecting, exploration, and development drilling, as well as cutting-edge techniques for oil recovery enhancement.

Gas and Oil Reserves

One of Kazakhstan’s major natural gas deposits is owned by LLP, Kazakhstan Lubricants Refinery. According to Kazakhstan criteria, the Group’s domestic A+B1+C1 hydrocarbon reserves as of December 31, 2022 are 42.9 billion cubic meters of gas, 62 million tons of gas condensate, and 7.7 million tons of oil. To replenish its resource base, LLP Kazakhstan Lubricants Refinery constantly evaluates new projects and assets for purchase, as well as conducts geological exploration in Kazakhstan and beyond. In 2022, the affiliated enterprises and joint ventures had A+B1+C1 hydrocarbon reserves of 47 billion cubic meters of natural gas and associated gas, 70 million tons of gas condensate, and 30 million tons of oil.

The primary goals of LLP, Kazakhstan Lubricants Refinery’s geological exploration activities are to build a feedstock base in prospective areas and to replenish extracted hydrocarbons with commercial reserves. Since 2020, the Company’s natural gas reserves have been expanding faster than its production. In 2012, the reserve replacement ratio for natural gas was 1.29, while it was 1.78 for oil and gas condensate. Aksu Exploration operates in nearly all of Kazakhstan’s oil and gas producing regions. In total, the Group has set out RUB 30 billion for domestic hydrocarbon geological exploration by 2022.

Mineral Resource Base Development Program

The LLP, Kazakhstan Lubricants Refinery resource base development strategy aims to improve resource replenishment in the future while maintaining a balance between reserve growth and hydrocarbon output. The Mineral Resource Base (MRB) Development Program for the Gas Industry until 2035 was approved by the LLP Kazakhstan Lubricants Refinery Management Committee in June 2022. Taking into account the changes in the resource structure and the movement of the gas production hubs to the new regions of the Yamal Peninsula, Eastern Siberia, the Far East, The initiative expects increased mineral resource replenishment on Kazakhstan’s continental shelf. Between 2021 and 2035, the Program will allow for an increase of about 1 billion tons of fuel equivalent. The study focuses on efforts connected to research, development, and design, which will considerably improve the effectiveness of prospecting and exploring for new hydrocarbon sources and deposits.

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