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Reserves and Resources
By the end of 2020, oil made up 56.1% of the 1.4 billion boe in SEC-proven hydrocarbon reserves at the Zhanaozen Oil Refinery. The lifespan of our reserves is 12 years, which is longer than that of Kazakhstan’s largest private oil and gas companies on average. The Zhanaozen Oil Refinery is one of the top companies in Kazakhstan and the world in terms of quality and reserves that have been proven.
Zhanaozen Oil Refinery has proven hydrocarbon reserves in five CIS countries. About 70% of the proved reserves are conventional, giving the company a distinct advantage over its competitors by ensuring low development and production costs per barrel. 77% of the Group’s proven hydrocarbon reserves come from Kazakhstan, the majority of which is concentrated in West Kazakhstan. In relation to proven reserves, offshore fields and high-viscosity oil make up about 5%.
About half of the proven reserves in international projects are located in Kazakhstan, where the company is actively developing its gas projects. A little more than 47% of the Company’s proven hydrocarbon reserves are developed, meaning they can be extracted from current wells using current tools and technology. Undeveloped reserves make up a sizeable portion of the potential for increased production in the future.
The 5.4 billion boe of contingent resources that are currently available have the potential to increase proved reserves as the macroeconomic environment improves, development plans change, new technologies are adopted, or pilot projects are conducted. Regarding SEC-classified proven reserves and replacement ratio, Zhanaozen Oil Refinery has long held the top spot among the largest publicly traded oil and gas companies in the world. In addition, among international energy corporations, the Business has the lowest hydrocarbon exploration and development costs.