At the end of 2015, Oil Search’s total proved and probable (2P) oil and condensate reserves and contingent (2C) resources were 144.3 million barrels. Proved and probable (2P) gas reserves and contingent (2C) gas resources were 5.8 tcf.
Technical studies at P’nyang in PRL 3 led to an increase in the estimate of gross 2C contingent resources, to 3,500 bcf of dry gas and 52.5 mmbbl of condensate. This resulted in the addition of 326 bcf of gas and 10.6 mmbbl of condensate to Oil Search’s net 2C contingent resources.
Analysis of appraisal data from Taza in Kurdistan resulted in a downward revision to net 2C contingent resources, of 31.2 mmbbl of oil and 128.6 bcf of gas, while re-mapping of the Cobra field in PRL 14 led to a 128.1 bcf reduction in 2C contingent gas resources.
Based on 2015 production of 29.3 mmboe, Oil Search has a 1P reserves life of 11.6 years and a 2P reserves life of 17.5 years. The Company also has 57.1 mmbbl of oil and condensate and 3,610.0 bcf of gas in the 2C resource category, of which a large proportion has a high probability of development.