Exhibit 15.4



LOGO





March 20, 2013

China National Oil and
Gas Exploration

And Development Corporation

International Holding Ltd (CNODCI)

No.6-1 Fuchengmen Beidajie

Xicheng District

Beijing, China 100034



|           |  |                                                                                               |  | 
|---------- |  | --------------------------------------------------------------------------------------------- |  | 
|Attention: |  | Mr. Bo Qiliang, President                                                                     |  | 
|           |  |                                                                                              
|Reference: |  | CNPC E&D Interest in PetroKazakhstan Inc. Evaluation of Crude Oil Reserves Third Party Report |  | 

Dear Sir:



|1. | INTRODUCTION
|-- | ------------

McDaniel & Associates Consultants Ltd. (McDaniel) was requested by PetroKazakhstan Inc. (PKI) to prepare an evaluation of the crude oil reserves and the net present values
of these reserves for the interests of PKI in the South Turgai Basin, Republic of Kazakhstan, effective as of December 31, 2012. McDaniel submitted to PKI an Executive Summary Report and Detailed Technical Report for the evaluation of PKI in
January 2013.

PKI is an integrated oil and gas company owned 67 percent by CNODCI and 33 percent by JSC KazMunaiGas
Exploration Production (KMG EP). PKI requested McDaniel to prepare this Third Party Report for CNODCI based on the 67 percent interest owned by CNODCI in PKI for the assets of CNODCI that are held within three operating subsidiaries:
PetroKazakhstan Kumkol Resources (PKKR), Kolzhan LLP (Kolzhan) and PetroKazakhstan Ventures Inc. (PKVI).

This report was prepared to support PKIs and CNODCIs annual securities filings with the SEC. The data employed in this evaluation and the assumptions and procedures used to estimate the
reserves and net present values are consistent with standard industry reserves evaluation procedures.



2200, Bow Valley Square 3, 255 - 5 Avenue SW, Calgary AB T2P 3G6    Tel: (403) 262-5506    Fax: (403) 233-2744    www.mcdan.com



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|                                                                                                |  |                        
|----------------------------------------------------------------------------------------------- |  | -----------------------
|CNODCI Interest in PetroKazakhstan Inc.
Evaluation of Oil and Gas Reserves  Third Party Report |  | Page 
 2 March 20, 2013





|2. | METHODOLOGY
|-- | -----------

Crude oil reserves estimates and their associated net present values were evaluated in this report by McDaniel & Associates Consultants Ltd. for the interests of PKI in Kazakhstan.

Essentially all of the basic information employed in the preparation of this report was obtained from PKI including geological,
geophysical, engineering and financial data. McDaniel utilized this data to prepare an independent assessment of the crude oil reserves as of December 31, 2012. The reserves estimates presented in this report have been prepared in accordance
with the United States Securities and Exchange Commission (SEC) reserves definitions and guidance (see Section 3). Only the proved reserves and sub-classifications were included in this report.

Net present value estimates were calculated based on future revenue forecasts. As per SEC guidelines, the future net revenues and net
present values presented were calculated using the first day of the month crude oil prices for each of the 12 months prior to the effective date of December 31, 2012 and were presented in United States dollars. No escalation of the prices was
made nor were the operating and capital costs increased for inflation in this evaluation. Future capital costs and operating costs were based on PKI budgets for each respective property with adjustments as deemed appropriate by McDaniel.



|3. | RESERVES DEFINITIONS
|-- | --------------------

The SEC reserves definitions are contained in the Final Rule of Modernization of Oil and Gas Reporting (17 CFR Parts 210, 211, 229 and 249) published by the SEC Regulation on January 14, 2009. A
summary of the key proved reserves definitions in Regulation S-X 210.4-10 is presented below.

Reserves

Reserves are estimated remaining quantities of oil and gas and related substances anticipated to be economically
producible, as of a given date, by application of development projects to known accumulations. In addition, there must exist, or there must be a reasonable expectation that there will exist, the legal right to produce or a revenue interest in the
production, installed means of delivering oil and gas or related substances to market, and all permits and financing required to implement the project.

Note: Reserves should not be assigned to adjacent reservoirs isolated by major, potentially sealing, faults until those reservoirs are penetrated and evaluated as economically producible. Reserves should
not be assigned to areas that are clearly separated from a known accumulation by a non-productive reservoir ( i.e., absence of reservoir, structurally low reservoir, or negative test results). Such areas may contain prospective resources (i.e.,
potentially recoverable resources from undiscovered accumulations).

Proved Oil and Gas Reserves

Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data,
can be estimated with reasonable certainty to be economically producible  from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations  prior to the time at which
contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must
have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time.



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|CNODCI Interest in PetroKazakhstan Inc.
Evaluation of Oil and Gas Reserves  Third Party Report |  | Page 
 3 March 20, 2013





| | (i) | The area of the reservoir considered as proved includes:
| | --- | --------------------------------------------------------



| | (A) | The area identified by drilling and limited by fluid contacts, if any, and
| | --- | --------------------------------------------------------------------------



| | (B) | Adjacent undrilled portions of the reservoir that can, with reasonable certainty, be judged to be continuous with it and to contain economically
producible oil or gas on the basis of available geoscience and engineering data.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (ii) | In the absence of data on fluid contacts, proved quantities in a reservoir are limited by the lowest known hydrocarbons (LKH) as seen in a well
penetration unless geoscience, engineering, or performance data and reliable technology establishes a lower contact with reasonable certainty.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iii) | Where direct observation from well penetrations has defined a highest known oil (HKO) elevation and the potential exists for an associated gas cap,
proved oil reserves may be assigned in the structurally higher portions of the reservoir only if geoscience, engineering, or performance data and reliable technology establish the higher contact with reasonable certainty.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (iv) | Reserves which can be produced economically through application of improved recovery techniques (including, but not limited to, fluid injection) are
included in the proved classification when:
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (A) | Successful testing by a pilot project in an area of the reservoir with properties no more favorable than in the reservoir as a whole, the operation
of an installed program in the reservoir or an analogous reservoir, or other evidence using reliable technology establishes the reasonable certainty of the engineering analysis on which the project or program was based; and
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (B) | The project has been approved for development by all necessary parties and entities, including governmental entities.
| | --- | ---------------------------------------------------------------------------------------------------------------------



| | (v) | Existing economic conditions include prices and costs at which economic producibility from a reservoir is to be determined. The price shall be the
average price during the 12-month period prior to the ending date of the period covered by the report, determined as an unweighted arithmetic average of the first-day-of-the-month price for each month within such period, unless prices are defined by
contractual arrangements, excluding escalations based upon future conditions.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Analogous Reservoir

Analogous reservoirs, as used in resources assessments, have similar rock and fluid properties, reservoir
conditions (depth, temperature, and pressure) and drive mechanisms, but are typically at a more advanced stage of development than the reservoir of interest and thus may provide concepts to assist in the interpretation of more limited data and
estimation of recovery. When used to support proved reserves, an analogous reservoir refers to a reservoir that shares the following characteristics with the reservoir of interest:



| | (i) | Same geological formation (but not necessarily in pressure communication with the reservoir of interest);
| | --- | ---------------------------------------------------------------------------------------------------------



| | (ii) | Same environment of deposition; (iii) Similar geological structure; and (iv) Same drive mechanism.
| | ---- | --------------------------------------------------------------------------------------------------

Reasonable Certainty

If deterministic methods are used, reasonable certainty means a high degree of confidence that the quantities will be recovered. If probabilistic methods are used, there should be at least a 90 percent
probability that the quantities actually recovered will equal or exceed the estimate. A high degree of confidence exists if the



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|----------------------------------------------------------------------------------------------- |  | -----------------------
|CNODCI Interest in PetroKazakhstan Inc.
Evaluation of Oil and Gas Reserves  Third Party Report |  | Page 
 4 March 20, 2013



quantity is much more likely to be achieved than not, and, as changes due to increased availability of geoscience (geological, geophysical, and geochemical), engineering, and economic data are
made to estimated ultimate recovery (EUR) with time, reasonably certain EUR is much more likely to increase or remain constant than to decrease.



|4. | EVALUATION SUMMARY
|-- | ------------------



|4.1 | NET RESERVES
|--- | ------------

The net share of proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2012 attributable to CNODCI for each of the three subsidiary companies are summarized
below.

CNODCIS NET ENTITLEMENT OF PROVED RESERVES(1)

AS OF DECEMBER 31, 2012



|                |  |                 |        |  |                   |  |        |             |  |  |        | 
|--------------- |  | --------------- | ------ |  | ----------------- |  | ------ | ----------- |  |  | ------ | 
|                |  | ProvedDeveloped |        |  | ProvedUndeveloped |  |        | TotalProved | 
|Crude Oil, Mbbl |  |                 |        |  |                   |  |        |             |  |  |        | 
|PKKR            |  |                 | 39,414 |  |                   |  | 16,627 |             |  |  | 56,041 | 
|Kolzhan         |  |                 | 6,367  |  |                   |  | 4,669  |             |  |  | 11,036 | 
|PKVI            |  |                 | 250    |  |                   |  |       |             |  |  | 250    | 
|Total           |  |                 | 46,031 |  |                   |  | 21,296 |             |  |  | 67,327 | 



|(1) | Net entitlement reserves are the working interest reserves in each property after deducting royalties payable to others. In the case of all
properties, there are no royalties payable to others.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|4.2 | GROSS RESERVES
|--- | --------------

The total proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2012 for each of the three subsidiary companies are presented below for reference purposes only.
These gross reserves estimates are based on a 100 percent working interest in each of the properties and include all reserves attributable to government and working interest partners.

GROSS PROVED RESERVES

AS OF DECEMBER 31, 2012



|                |  |                 |        |  |                   |  |        |             |  |  |         | 
|--------------- |  | --------------- | ------ |  | ----------------- |  | ------ | ----------- |  |  | ------- | 
|                |  | ProvedDeveloped |        |  | ProvedUndeveloped |  |        | TotalProved | 
|Crude Oil, Mbbl |  |                 |        |  |                   |  |        |             |  |  |         | 
|PKKR            |  |                 | 58,827 |  |                   |  | 24,817 |             |  |  | 83,644  | 
|Kolzhan         |  |                 | 13,401 |  |                   |  | 11,318 |             |  |  | 24,719  | 
|PKVI            |  |                 | 498    |  |                   |  |       |             |  |  | 498     | 
|Total           |  |                 | 72,726 |  |                   |  | 36,135 |             |  |  | 108,861 | 



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|----------------------------------------------------------------------------------------------- |  | -----------------------
|CNODCI Interest in PetroKazakhstan Inc.
Evaluation of Oil and Gas Reserves  Third Party Report |  | Page 
 5 March 20, 2013





|4.3 | NET PRESENT VALUES
|--- | ------------------

The net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2012 attributable to CNODCI for each of the three subsidiary companies are
presented below. All of the net present values have been presented at a 10 percent discount rate.

CNODCI NET PRESENT VALUES DISCOUNTED AT
10 PERCENT

AS OF DECEMBER 31, 2012, $MM



|        |  |                 |     |  |                   |  |     |             |  |  |       | 
|------- |  | --------------- | --- |  | ----------------- |  | --- | ----------- |  |  | ----- | 
|        |  | ProvedDeveloped |     |  | ProvedUndeveloped |  |     | TotalProved | 
|PKKR    |  |                 | 791 |  |                   |  | 279 |             |  |  | 1,070 | 
|Kolzhan |  |                 | 96  |  |                   |  | 58  |             |  |  | 153   | 
|PKVI    |  |                 | 5   |  |                   |  |    |             |  |  | 5     | 
|Total   |  |                 | 892 |  |                   |  | 337 |             |  |  | 1,228 | 



|4.4 | NET PRESENT VALUES SENSITIVITY ANALYSIS
|--- | ---------------------------------------

A sensitivity analysis has been prepared for the net present values for the proved developed, proved undeveloped and total proved crude oil reserves as of December 31, 2012 attributable to CNODCI for
each of the three subsidiary companies. At the request of PKI, all of the oil prices, capital costs and operating costs have been escalated at 2 percent per year throughout the evaluation period.

CNODCI NET PRESENT VALUES SENSITIVITY DISCOUNTED AT 10 PERCENT

AS OF DECEMBER 31, 2012, $MM



|        |  |                 |     |  |                   |  |     |             |  |  |       | 
|------- |  | --------------- | --- |  | ----------------- |  | --- | ----------- |  |  | ----- | 
|        |  | ProvedDeveloped |     |  | ProvedUndeveloped |  |     | TotalProved | 
|PKKR    |  |                 | 810 |  |                   |  | 296 |             |  |  | 1,106 | 
|Kolzhan |  |                 | 99  |  |                   |  | 61  |             |  |  | 160   | 
|PKVI    |  |                 | 5   |  |                   |  |    |             |  |  | 5     | 
|Total   |  |                 | 914 |  |                   |  | 357 |             |  |  | 1,271 | 



|5 | SUMMARY TABLES
|- | --------------

Summary tables showing the reserves, future production forecasts and future revenue forecasts are presented in the Appendix for each of the three subsidiary companies.



|6 | BASIS OF OPINION
|- | ----------------

McDaniel & Associates Consultants Ltd. has over 50 years of experience in the evaluation of oil and gas properties. McDaniel is registered with the Association of Professional Engineers and
Geoscientists of Alberta (APEGA). All of the professionals involved in the preparation of this report have in excess of 5 years of experience in the evaluation of oil and gas properties. Mr. Bryan Emslie, Senior Vice President, supervised the
preparation of this report. Mr. Emslie is a professional engineer registered with APEGA and has over 30 years of experience in the evaluation of oil and gas properties. All of the persons involved in the preparation of this report and
McDaniel & Associates are independent of PKI and CNODCI.



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|                                                                                                |  |                        
|----------------------------------------------------------------------------------------------- |  | -----------------------
|CNODCI Interest in PetroKazakhstan Inc.
Evaluation of Oil and Gas Reserves  Third Party Report |  | Page 
 6 March 20, 2013



In preparing this report, we relied upon certain factual
information including ownership, well data, production data, prices, revenues, operating costs, capital costs, contracts, and other relevant data supplied by PKI. The supplied information was only relied upon where in our opinion it appeared
reasonable and consistent with our knowledge of the properties however no independent verification of the information was made.

This report was prepared by McDaniel for the use of PKI and CNODCI for its securities filings with the SEC and is not to be used for any
other purpose without the knowledge and consent of McDaniel & Associates Consultants Ltd.

We reserve the right to
revise any estimates provided herein if any relevant data existing prior to preparation of this report was not made available, if any data between the preparation date and the evaluation date of this evaluation were to vary significantly from that
forecast, or if any data provided was found to be erroneous.

Sincerely,

McDANIEL & ASSOCIATES CONSULTANTS LTD.

APEGA PERMIT NUMBER; P3145



|                     
|---------------------
|LOGO                 
|B. Emslie, P. Eng.   
|Senior Vice President
|                     
|BHE:jep              
|[12-0377]            



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CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Summary of Reserves and Net Present
Values Effective December 31, 2012


Table 1 Summary of Reserves(1)(2)  Crude Oil Reserves  Bbls


Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbbl


PropertyGrossBcf


CompanyGrossBcf


CompanyNetBcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Dev. Prod. Reserves


50,987



34,162



34,162























Proved Dev. Non-Prod. Reserves


7,840



5,253



5,253























Proved Undeveloped Reserves


24,817



16,627



16,627























Total Proved Reserves


83,644



56,041



56,041























  Crude Oil Reserves  Tonnes


BOE Reserves(3)PropertyGrossMT


CompanyGrossMT


CompanyNetMT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Developed Producing Reserves


6,611



4,429



4,429



50,987



34,162



34,162Proved Developed Non-Producing Reserves


1,016



681



681



7,840



5,253



5,253Proved Undeveloped Reserves


3,223



2,160



2,160



24,817



16,627



16,627Total Proved Reserves


10,851



7,270



7,270



83,644



56,041



56,041 Summary of Company Share of Net Present Values Before Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Producing Reserves


1,235



1,123



1,031



956



893Proved Developed Non-Producing Reserves


210



177



151



131



115Proved Undeveloped Reserves


657



538



448



378



323Total Proved Reserves


2,101



1,838



1,631



1,466



1,332 Summary of Company Share of Net Present Values After Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Producing Reserves


860



777



710



655



609Proved Non-Producing Reserves


119



98



81



68



58Proved Undeveloped Reserves


427



343



279



230



192Total Proved Reserves


1,407



1,217



1,070



953



859  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest
reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Based on a gas to BOE conversion of 6:1




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Forecast of Production and
Revenues Proved Producing Reserves Effective December 31, 2012


Table 2 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2013


456



43,001



15,695



2,032



81.94



1,286



























1,2862014


436



29,658



10,825



1,400



82.67



895



























8952015


392



21,237



7,751



1,002



83.34



646



























6462016


340



15,619



5,701



737



84.92



484



























4842017


282



11,396



4,160



538



84.95



353



























3532018


242



8,421



2,900



374



84.62



245



























2452019


163



5,047



1,842



236



84.28



155



























1552020


81



2,559



934



120



81.10



76



























762021


40



1,392



498



65



76.34



38



























382022


20



715



261



34



69.01



18



























182023


19



620



226



30



69.01



16



























162024


18



541



193



25



69.01



13



























132025


















































2026


















































2027


















































Rem.


















































Total










50,987



6,593







4,226.0



























4,226.0 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRentTax %


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2013


81



6.3



245



19.1



200



0



60



1



699



7



127



120



4452014


50



5.6



174



19.4



182



0



59







430



7



76



55



2932015


34



5.3



127



19.7



168



0



42







275



6



44



23



2012016


23



4.8



99



20.4



153



1



18







190



6



26



11



1482017


17



4.8



72



20.4



133



0



13







118



5



13



5



952018


12



4.8



50



20.3



110



5











69



4



6



3



562019


7



4.8



31



20.2



78



11











28



3



4



1



202020


4



4.7



14



18.9



41



5











12



1



2



0



82021


2



4.4



6



16.8



20



2











8



0



1



0



62022


1



4.0



2



13.1



9















6



0



1







52023


1



4.0



2



13.1



8















5



0



1







42024


1



4.0



2



13.1



7



1











3



0



0







32025


















































2026


















































2027


















































Rem.


















































Total


231.8



5.5



825.0



19.5



1,109.0



25.2



190.8



1.3



1,842.8



38.4



301.1



219.4



1,283.9




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnualOilProductionMbbl


NetAnnualOilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow 
B.TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2013


10,516



10,516











862



54



164



134



40



1



468



170



2982014


7,253



7,253











600



34



116



122



39







288



92



1962015


5,193



5,193











433



23



85



113



28







184



49



1352016


3,820



3,820











324



16



66



103



12







127



29



992017


2,787



2,787











237



11



48



89



9







79



15



642018


1,943



1,943











164



8



33



77











46



9



372019


1,234



1,234











104



5



21



60











19



5



132020


626



626











51



2



10



31











8



3



52021


334



334











25



1



4



15











5



1



42022


175



175











12



0



2



6











4



1



32023


152



152











10



0



1



5











3



1



32024


129



129











9



0



1



5











2



0



22025


















































2026


















































2027


















































Rem.


















































Total


34,162



34,162











2,831.4



155.3



552.7



759.9



127.8



0.9



1,234.7



374.5



860.2




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI PetroKazakhstan Kumkol Resources Forecast of Production and
Revenues Total Proved Reserves Effective December 31, 2012


Table 3 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2013


478



48,589



17,735



2,297



81.40



1 ,444



























1,4442014


532



43,956



16,044



2,081



81.92



1,314



























1,3142015


555



38,140



13,921



1,806



83.31



1,160



























1,1602016


543



31,173



11,378



1,474



85.41



972



























9722017


496



24,746



9,028



1,169



85.73



774



























7742018


436



18,249



6,155



793



85.41



526



























5262019


321



10,510



3,836



489



85.05



326



























3262020


285



8,025



2,929



373



85.04



249



























2492021


255



6,161



1,844



236



84.04



155



























1552022


27



847



309



40



69.01



21



























212023


27



705



257



34



69.01



18



























182024


26



582



207



27



69.01



14



























142025


















































2026


















































2027


















































Rem.


















































Total










83,644



10,819







6,973.1



























6,973.1 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRentTaxUS$MM


ExportRent Tax%


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow A. TaxUS$MM2013


95



6.6



272



18.8



208



0



160



1



708



8



142



137



4212014


83



6.3



250



19.1



207



0



184







590



8



122



110



3502015


74



6.4



228



19.7



204



0



131







522



9



101



77



3352016


61



6.3



200



20.6



193



0



44







473



8



80



49



3362017


45



5.9



160



20.7



178



1



30







359



7



58



28



2662018


25



4.8



108



20.6



149



7



5







232



6



31



10



1852019


16



4.8



67



20.5



114



0



3







127



4



16



3



1042020


12



4.8



51



20.5



100



0











86



3



9



1



722021


7



4.8



31



20.1



73



21











22



3



2



0



172022


1



4.0



3



13.1



10















8



0



1







62023


1



4.0



2



13.1



9















5



0



1







52024


1



4.0



2



13.1



8



1











3



0



0







22025


















































2026


















































2027


















































Rem.


















































Total


421.5



6.0



1,374.5



19.7



1,454.0



29.7



556.5



1.3



3,135.6



57.4



563.3



415.0



2,099.9




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow 
B.TaxUS$MM


TotalTaxesUS$MM


Net CashFlow A.T.US$MM2013


11,882



11,882











967



64



182



139



107



1



474



192



2822014


10,749



10,749











881



56



168



138



123







396



161



2352015


9,327



9,327











777



50



153



137



88







350



125



2242016


7,623



7,623











651



41



134



130



30







317



92



2252017


6,048



6,048











519



30



107



120



20







240



62



1782018


4,124



4,124











352



17



72



104



3







155



31



1242019


2,570



2,570











219



11



45



76



2







85



15



702020


1,963



1,963











167



8



34



67











58



9



482021


1,236



1,236











104



5



21



63











15



4



112022


207



207











14



1



2



7











5



1



42023


172



172











12



0



2



6











4



1



32024


139



139











10



0



1



6











2



0



22025


















































2026


















































2027


















































Rem.


















































Total


56,041



56,041











4,672.0



282.4



920.9



994.1



372.8



0.9



2,100.9



693.9



1,406.9




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI Kolzhan LLP Summary of Reserves and Net Present Values
Effective December 31, 2012


Table 4 Summary of Reserves(1)(2)  Crude Oil Reserves  Bbls


Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbbl


PropertyGrossBcf


CompanyGrossBcf


CompanyNetBcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Dev. Prod. Reserves


9,313



4,778



4,778























Proved Dev. Non-Prod. Reserves


4,088



1,589



1,589























Proved Undeveloped Reserves


11,318



4,669



4,669























Total Proved Reserves


24,719



11,036



11,036























  Crude Oil Reserves  Tonnes


BOE Reserves(3)PropertyGrossMT


CompanyGrossMT


CompanyNetMT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Developed Producing Reserves


1,177



600



600



9,313



4,778



4,778Proved Developed Non-Producing Reserves


524



203



203



4,088



1,589



1,589Proved Undeveloped Reserves


1,448



594



594



11,318



4,669



4,669Total Proved Reserves


3,149



1,396



1,396



24,719



11,036



11,036 Summary of Company Share of Net Present Values Before Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Producing Reserves


148



139



131



124



118Proved Developed Non-Producing Reserves


54



43



35



30



25Proved Undeveloped Reserves


178



146



122



104



89Total Proved Reserves


379



328



288



257



232 Summary of Company Share of Net Present Values After Income Taxes  $MM US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Developed Producing Reserves


85



78



73



68



64Proved Non-Producing Reserves


36



28



23



19



15Proved Undeveloped Reserves


90



71



58



47



39Total Proved Reserves


210



178



153



134



119  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are the working interest
reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Based on a gas to BOE conversion of 6:1




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI Kolzhan LLP Forecast of Production and Revenues
Proved Producing Reserves Effective December 31, 2012


Table 5 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2013


52



10,872



3,968



503



62.01



246



























2462014


50



6,344



2,316



293



62.74



145



























1452015


48



3,797



1,386



175



63.59



88



























882016


43



2,331



851



107



70.62



60



























602017


40



1,473



538



68



70.64



38



























382018


22



698



255



32



70.76



18



























182019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total










9,313



1,177







595.6



























595.6 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRentTaxUS$MM


ExportRentTax %


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow B. TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow 
A.TaxUS$MM2013


9



3.8



17



6.9



43



0



26







151



1



32



53



652014


5



3.4



11



7.5



35



0



25



4



65



1



14



13



372015


3



3.4



7



8.2



32



0



17







29



1



6



1



212016


2



4.0



8



13.0



28



0



2







20



1



2







172017


2



4.0



5



13.0



25



0



2







5



1



0







42018


1



4.0



2



13.0



12



1











2



0











22019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total


21.7



3.7



50.2



8.4



174.3



1.3



71.6



4.3



272.2



4.0



55.0



68.1



145.1




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow 
B.TaxUS$MM


TotalTaxesUS$MM


Net CashFlowA.T.US$MM2013


1,948



1,948











126



5



11



21



12







77



41



362014


1,171



1,171











77



3



7



18



11



1



36



15



222015


725



725











48



2



5



17



7







18



5



132016


461



461











33



1



4



14



1







11



2



102017


302



302











21



1



3



13



1







4



1



32018


171



171











12



0



2



8











2



0



12019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total


4,778



4,778











316.9



12.0



32.1



91.6



31.7



1.4



148.1



63.2



84.8




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI Kolzhan LLP Forecast of Production and Revenues
Total Proved Reserves Effective December 31, 2012


Table 6 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MMYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$MM


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$MM


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$MM2013


63



13,662



4,987



633



61.49



307



























3072014


77



12,255



4,473



568



60.79



272



























2722015


85



10,290



3,756



478



60.36



227



























2272016


85



8,306



3,032



386



70.53



214



























2142017


82



6,474



2,363



301



70.52



167



























1672018


81



4,995



1,823



233



70.51



129



























1292019


74



4,379



1,598



204



70.49



113



























1132020


68



3,539



1,292



165



70.48



91



























912021


29



1,999



730



94



70.41



51



























512022


26



1,204



439



57



70.41



31



























312023


23



621



227



29



70.41



16



























162024


















































2025


















































2026


















































2027


















































Rem.


















































Total










24,719



3,149







1,616.3



























1,616.3 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$MM


TotalMET%


ExportRent TaxUS$MM


ExportRentTax %


TotalOperatingCostsUS$MM


Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow 
B.TaxUS$MM


PropertyTaxUS$MM


CorporateTaxUS$MM


ExcessProfitsTaxUS$MM


Net CashFlow 
A.TaxUS$MM2013


14



4.5



20



6.5



49



0



67



.



157



1



40



63



532014


10



3.7



16



5.9



43



0



50



4



148



1



33



49



652015


8



3.7



13



5.6



43



0



33







129



1



27



37



642016


11



5.0



28



12.9



41



0



6







128



1



22



25



792017


7



4.0



21



12.9



40



0



4







95



1



16



17



602018


5



4.0



17



12.9



37



0



1







69



1



11



11



462019


4



4.0



15



12.9



34



0



1







59



1



9



11



382020


4



4.0



12



12.9



32



1



0







43



1



7



7



272021


2



4.0



7



12.8



15



0



0







27



0



5



3



192022


1



4.0



4



12.8



13



0



0







12



0



2



0



102023


1



4.0



2



12.8



12



0











2



0











12024


















































2025


















































2026


















































2027


















































Rem.


















































Total


66.8



4.1



153.1



9.5



359.5



2.4



161.9



4.3



868.4



8.9



172.2



224.7



462.6




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$MM


TotalMETUS$MM


ExportTaxUS$MM


Operating& Aband.CostsUS$MM


CapitalCostsUS$MM


Hist. Costs& Com.BonusUS$MM


Net CashFlow 
B.TaxUS$MM


TotalTaxesUS$MM


Net Cash FlowA.T. US$MM2013


2,395



2,395











154



8



13



24



33







77



47



292014


2,084



2,084











133



5



11



22



22



1



71



37



342015


1,717



1,717











108



4



8



22



14







60



28



322016


1,361



1,361











96



5



12



21



3







55



19



362017


1,038



1,038











73



3



9



20



2







39



13



262018


787



787











56



2



7



19



0







27



8



192019


662



662











47



2



6



17



0







22



7



152020


524



524











37



1



5



16



0







15



5



92021


244



244











17



1



2



5



0







9



3



62022


147



147











10



0



1



5



0







4



1



32023


76



76











5



0



1



4











1



0



02024


















































2025


















































2026


















































2027


















































Rem.


















































Total


11,036



11,036











736.4



31.0



76.7



173.5



74.4



1.4



379.4



169.0



210.4




|                                                      |  |                                        |  |           
|----------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina Dec 2012 Forecast Prices  Finala  Mar 12 |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Summary of Reserves and Net Present
Values Effective as of December 31, 2012


Table 7 Summary of Reserves(1)  Crude Oil Reserves


Natural Gas Reserves


Natural Gas Liquids ReservesReserve Category

PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbbl


PropertyGrossBcf


CompanyGrossBcf


CompanyNetBcf


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Producing Reserves


































Proved Non-Producing Reserves


498



250



250























Proved Undeveloped Reserves


































Total Proved Reserves


498



250



250























  Crude Oil Reserves  Tonnes


BOE Reserves(4)PropertyGrossMT


CompanyGrossMT


CompanyNetMT


PropertyGrossMbbl


CompanyGrossMbbl


CompanyNetMbblProved Developed Producing Reserves






















Proved Developed Non-Producing Reserves


65



33



33



498



250



250Proved Undeveloped Reserves






















Total Proved Reserves


65



33



33



498



250



250 Summary of Company Share of Net Present Values Before Income Taxes  $M US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Producing Reserves


















Proved Non-Producing Reserves


5,749



5,278



4,873



4,523



4,217Proved Undeveloped Reserves


















Total Proved Reserves


5,749



5,278



4,873



4,523



4,217 Summary of Company Share of Net Present Values After Income Taxes  $M US DollarsReserve Category

0.0%


5.0%


10.0%


15.0%


20.0%Proved Producing Reserves


















Proved Non-Producing Reserves


5,390



4,949



4,570



4,243



3,957Proved Undeveloped Reserves


















Total Proved Reserves


5,390



4,949



4,570



4,243



3,957  (1)
The above reserves estimates are presented after applying license expiry and economic limit cutoffs. (2)
Company Gross reserves are based on Company working interest share of the reserves for each property. Company Net reserves are based on the working
interest reserves in each property after deducting royalties payable to others. In the case of all properties, there are no royalties payable to others. (3)
Conversion from Tonnes to Barrels 7.643 (4)
Based on a gas to BOE conversion of 6:1




|                                                                |  |                                        |  |           
|--------------------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina  New Fields  Forecast Prices  Dec 31 2012  Final |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Forecast of Production and
Revenues Proved Producing Reserves Effective as of December 31, 2012


Table 8 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$M


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$M


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$M2013


















































2014


















































2015


















































2016


















































2017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total


















































 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$M


TotalMET%


ExportRentTaxUS$M


ExportRentTax %


TotalOperatingCostsUS$M


Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow 
B.TaxUS$M


PropertyTaxUS$M


CorporateTaxUS$M


ExcessProfitsTaxUS$M


Net CashFlow 
A.TaxUS$M2013


















































2014


















































2015


















































2016


















































2017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total























































|                                                                |  |                                        |  |           
|--------------------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina  New Fields  Forecast Prices  Dec 31 2012  Final |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$M


TotalMETUS$M


ExportTaxUS$M


Operating& Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow 
B.TaxUS$M


TotalTaxesUS$M


Net CashFlowA.T.US$M2013


















































2014


















































2015


















































2016


















































2017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total























































|                                                                |  |                                        |  |           
|--------------------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina  New Fields  Forecast Prices  Dec 31 2012  Final |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

CNPC E&D Interest in PKI PetroKazakhstan Ventures Inc. Forecast of Production and
Revenues Total Proved Reserves Effective as of December 31, 2012


Table 9 Property Gross Share of Production and Gross Revenues  Crude Oil


Natural Gas


Natural Gas Liquids


TotalSalesRevenueUS$MYear

ProducingWellCount


DailyRateBopd


AnnualVolumeMbbl


AnnualVolumeMT


CrudeOil PriceUS$/bbl


SalesRevenueUS$M


AnnualVolumeMMcf


NaturalGas PriceUS$/Mcf


SalesRevenueUS$M


AnnualVolumeMbbl


NGLPriceUS$/bbl


SalesRevenueUS$M2013


2



300



110



14



54.40



5,957



























5,9572014


3



502



183



24



54.40



9,961



























9,9612015


3



337



123



16



54.40



6,697



























6,6972016


3



227



83



11



70.41



5,827



























5,8272017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total










498



64







28,442



























28,442 Property Gross Share of Royalties, Expenses, Taxes and Net Cash Flow  Year

TotalMETUS$M


TotalMET%


ExportRent TaxUS$M


ExportRentTax %


TotalOperatingCostsUS$M


Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow B. TaxUS$M


PropertyTaxUS$M


CorporateTaxUS$M


ExcessProfitsTaxUS$M


Net CashFlow 
A.TaxUS$M2013


149



2.5











3,120



18



495







2,175



3











2,1732014


249



2.5











4,152



18



200







5,342



6



496



27



4,8132015


167



2.5











3,706



18



100



146



2,559



7



160







2,3922016


231



4.0



747



12.8



3,349



36



100







1,364



7



9







1,3492017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total


796



2.8



747



2.6



14,327



90



895



146



11,441



22



665



27



10,727




|                                                                |  |                                        |  |           
|--------------------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina  New Fields  Forecast Prices  Dec 31 2012  Final |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013



---

Company Working Interest Share Summary  Year

GrossAnnual OilProductionMbbl


NetAnnual OilProductionMbbl


NetAnnual GasProductionMMcf


NetAnnual NGLProductionMbbl


GrossSalesRevenueUS$M


TotalMETUS$M


ExportTaxUS$M


Operating& Aband.CostsUS$M


CapitalCostsUS$M


Hist. Costs& Com.BonusUS$M


Net CashFlow 
B.TaxUS$M


TotalTaxesUS$M


Net CashFlowA.T.US$M2013


55



55











2,993



75







1,577



249







1,093



1



1,0922014


92



92











5,006



125







2,096



101







2,684



266



2,4192015


62



62











3,365



84







1,871



50



73



1,286



84



1,2022016


42



42











2,928



116



375



1,701



50







686



8



6782017


















































2018


















































2019


















































2020


















































2021


















































2022


















































2023


















































2024


















































2025


















































2026


















































2027


















































Rem.


















































Total


250



250











14,292



400



375



7,245



450



73



5,749



359



5,390




|                                                                |  |                                        |  |           
|--------------------------------------------------------------- |  | -------------------------------------- |  | ----------
|PetroChina  New Fields  Forecast Prices  Dec 31 2012  Final |  | McDaniel & Associates
Consultants Ltd. |  | 20/03/2013