BP 2011 Annual Report Download - page 268

266 BP Annual Report and Form 20-F 2011
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves
million barrels
Crude oila2011
Europe North
America
South
America
Africa Asia Australasia Total
UK
Rest of
Europe USe
Rest of
North
America Russia
Rest of
Asia
Subsidiaries
At 1 January 2011
Developed 364 77 1,729 –44 371 –269 48 2,902
Undeveloped 431 221 1,190 –58 374 –325 58 2,657
795 298 2,919 –102 745 –594 106 5,559
Changes attributable to
Revisions of previous estimates (1) 527 – 6 (68) –(131) 3(159)
Improved recovery 14 897 – 1 10 –70 6206
Purchases of reserves-in-place – – 10 – 7 – – 4 – 21
Discoveries and extensions – – 1 – 1 19 –––21
Productionb(41) (12) (162) –(13) (68) –(50) (9) (355)
Sales of reserves-in-place (34) –(34) –(29) (12) –(31) –(140)
(62) 1(61) –(27) (119) –(138) –(406)
At 31 December 2011c
Developed 288 69 1,685 –27 311 –177 59 2,616
Undeveloped 445 230 1,173 –48 315 –279 47 2,537
733 299 2,858 –75 626 –456 106 5,153
Equity-accounted entities (BP share)f
At 1 January 2011
Developed ––––408 –2,388 370 –3,166
Undeveloped ––––407 12 1,362 24 –1,805
––––815 12 3,750 394 –4,971
Changes attributable to
Revisions of previous estimates ––––(12) 2677 (5) –662
Improved recovery ––––70 –73 – – 143
Purchases of reserves-in-place ––––98 – – 1 – 99
Discoveries and extensions ––––––25 – – 25
Production ––––(30) –(316) (76) –(422)
Sales of reserves-in-place ––––(244) ––––(244)
––––(118) 2459 (80) –263
At 31 December 2011d g
Developed ––––349 –2,596 256 –3,201
Undeveloped ––––348 14 1,613 58 –2,033
––––697 14 4,209 314 –5,234
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2011
Developed 364 77 1,729 –452 371 2,388 639 48 6,068
Undeveloped 431 221 1,190 –465 386 1,362 349 58 4,462
795 298 2,919 –917 757 3,750 988 106 10,530
At 31 December 2011
Developed 288 69 1,685 –376 311 2,596 433 59 5,817
Undeveloped 445 230 1,173 –396 329 1,613 337 47 4,570
733 299 2,858 –772 640 4,209 770 106 10,387
a Crude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and
the option and ability to make lifting and sales arrangements independently.
b Excludes NGLs from processing plants in which an interest is held of 28 thousand barrels per day.
c Includes 616 million barrels of NGLs. Also includes 20 million barrels of crude oil in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d Includes 19 million barrels of NGLs. Also includes 310 million barrels of crude oil in respect of the 7.37% minority interest in TNK-BP.
e Proved reserves in the Prudhoe Bay field in Alaska include an estimated 82 million barrels upon which a net profits royalty will be payable over the life of the field under the terms of the BP Prudhoe Bay
Royalty Trust.
f Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
g Total proved liquid reserves held as part of our equity interest in TNK-BP is 4,305 million barrels, comprising 95 million barrels in Venezuela, one million barrels in Vietnam and 4,209 million barrels in Rus-
sia. In 2011, BP aligned its reporting with TNK-BP by moving to a life of field reporting basis. Reasonable certainty of licence renewals is demonstrated by evidence of Russian subsoil law, track record of
renewals within the industry and track record of success in obtaining renewals by TNK-BP. This has resulted in an increase in proved liquid reserves of 221 million barrels.