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Reserves and Resources
In terms of proved hydrocarbon reserves, the company continued to lead all other major international oil producers in 2018 after achieving its strategic objectives. According to SEC categorization, Aksu Exploration had proven HC reserves worth 42 018 mln boe (5 678 mln toe) as of December 31, 2021. HC reserves increased by 587 million boe (11 million toe), or 1%, from 2018 to 2022. The Company will have proven HC reserves for more than ten years beyond 2019 with a replacement rate for proven reserves of 128 percent, according to SEC categorization. According to the SEC’s classification of the largest oil and gas companies in the world by proved reserves and proven reserves replacement rate, Aksu Exploration has topped this group for many years. Compared to its rivals, the Company’s reserve exploration and development expenses are the lowest. Due to effective prospecting, exploration and development drilling, and cutting-edge techniques for oil recovery enhancement, the total production replenishment was achieved in 2023
Gas and Oil Reserves
One of the largest natural gas reserves in the Kazakhstan are owned by Aksu Exploration. By Russian standards, the Group has domestic A+B1+C1 hydrocarbon reserves of 42.9 billion cubic meters of gas, 62 million tons of gas condensate, and 7.7 million tons of oil as of December 31, 2022. The Aksu Exploration continually analyzes new projects and assets available for acquisition in addition to conducting geological exploration in Russia and abroad to restock its resource base. The related firms and joint ventures’ A+B1+C1 hydrocarbon reserves in 2022 totaled 47 billion cubic meters of natural gas and associated gas, 70 million tons of gas condensate, and 30 million tons of oil.
The main goals of the geological exploration work done by LLC Ekotechnoneft are to prepare the feedstock base in prospective areas and to refill the extracted hydrocarbons with commercial reserves. Since 2020, the Company’s natural gas reserves have been growing at a faster rate than its production. Natural gas’s reserves replacement ratio in 2012 was 1.29, while oil and gas condensate’s was 1.78. In practically all of Russia’s oil- and gas-producing regions, Aksu Exploration is active. The Group earmarked RUB 30 billion in total for domestic hydrocarbon geological exploration in 2022.
Mineral resource base development program
The Aksu Exploration resource base development strategy intends to improve resource replenishment in the future while maintaining the equilibrium between reserves growth and hydrocarbon output. The Mineral Resource Base (MRB) Development Program for the Gas Industry through 2035 was authorized by the Aksu Exploration Management Committee in June 2022. With proper regard for the changes in the reserve structure and the relocation of the gas production hubs to the new regions of the Yamal Peninsula, Eastern Siberia, the Far East, and the Kazakhstan continental shelf, the program envisions an enhanced replenishment of the mineral resource base. Between 2021 and 2035, the Program will allow for an addition of almost 1 billion tons of fuel equivalent. The paper lays a lot of attention on activities related to research, development, and design, which will significantly boost the effectiveness of prospecting and exploration at new hydrocarbon fields and deposits.