Hess 2011 Annual Report Download - page 29

Download and view the complete annual report

Please find page 29 of the 2011 Hess annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 152

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152

(b) Proved reserves in Norway, which represented 23% and 22% of the Corporation’s total reserves at December 31, 2011 and 2010,
respectively, were as follows:
Crude Oil, Condensate &
Natural Gas Liquids Natural Gas
Total Barrels of Oil
Equivalent (BOE)
2011 2010 2011 2010 2011 2010
(Millions of barrels) (Millions of mcf) (Millions of barrels)
Developed ..................... 108 97 137 157 131 123
Undeveloped ................... 185 167 251 247 227 208
Total ......................... 293 264 388 404 358 331
(c) Total natural gas liquids reserves were 113 million barrels (56 million barrels developed and 57 million barrels undeveloped) at
December 31, 2011 and 102 million barrels (54 million barrels developed and 48 million barrels undeveloped) at December 31, 2010.
On a barrel of oil equivalent (boe) basis, 48% of the Corporation’s worldwide proved reserves were
undeveloped at December 31, 2011 (45% at December 31, 2010). Proved reserves held under production sharing
contracts at December 31, 2011 totaled 12% of crude oil and natural gas liquids reserves and 51% of natural gas
reserves, compared with 15% of crude oil and natural gas liquids reserves and 51% of natural gas reserves at
December 31, 2010. See the Supplementary Oil and Gas Data on pages 85 through 93 in the accompanying
financial statements for additional information on the Corporation’s oil and gas reserves.
Worldwide crude oil, natural gas liquids and natural gas production was as follows:
2011 2010 2009
Crude oil (thousands of barrels per day)
United States
Offshore ...................................................... 44 52 39
Onshore ...................................................... 37 23 21
81 75 60
Europe
Russia........................................................ 45 42 37
Norway* ..................................................... 20 16 13
UnitedKingdom ............................................... 14 19 21
Denmark ..................................................... 10 11 12
89 88 83
Africa
EquatorialGuinea .............................................. 54 69 70
Libya ........................................................ 423 22
Algeria ....................................................... 811 14
Gabon........................................................ —10 14
66 113 120
Asia
Azerbaijan .................................................... 67 8
Other ........................................................ 76 8
13 13 16
Total........................................................... 249 289 279
Natural gas liquids (thousands of barrels per day)
United States
Offshore ...................................................... 67 4
Onshore ...................................................... 77 7
13 14 11
Europe* ........................................................ 33 3
Asia ........................................................... 11 —
Total........................................................... 17 18 14
3