Occidental Petroleum 2008 Annual Report Download - page 90

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Oil Reserves
In millions of barrels
Consolidated Subsidiaries
United
States
Latin
America
Middle East/
North Africa Total
Other
Interests (a)
PROVED DEVELOPED AND UNDEVELOPED
RESERVES
Balance at December 31, 2005 1,616 50 296 (b) 1,962 45
Revisions of previous estimates (28)10 39 21 (7)
Improved recovery 69 33 14 116 (1)
Extensions and discoveries 3 7 14 24 —
Purchases of proved reserves 98 152 4 254 —
Sales of proved reserves (4)— — (4)—
Production (94)(26)(40)(160)(7)
Balance at December 31, 2006 1,660 226 327 (b) 2,213 30
Revisions of previous estimates (20)(17)(43)(80)—
Improved recovery 114 17 52 183 1
Extensions and discoveries 1 15 2 18 (1)
Purchases of proved reserves 47 — 10 57 —
Sales of proved reserves — — — — (33)
Production (95)(27)(43)(165)1
Balance at December 31, 2007 1,707 214 305 (b) 2,226 (2)
Revisions of previous estimates (243)(6)135 (114) —
Improved recovery 99 44 46 189 —
Extensions and discoveries 11 — — 11 —
Purchases of proved reserves 71 — — 71 —
Sales of proved reserves (2) — — (2) —
Production (96)(28)(46)(170) 1
Balance at December 31, 2008 1,547 224 440 (b) 2,211 (1)
PROVED DEVELOPED RESERVES (c)
December 31, 2005 1,319 44 174 1,537 37
December 31, 2006 1,382 140 249 1,771 23
December 31, 2007 1,406 120 262 1,788 (2)
December 31, 2008 1,209 124 342 1,675 (2)
(a) The 2008 and 2007 amounts reflect the minority interest in a Colombian subsidiary, partially offset by Occidental's share of reserves from an equity investee in
Yemen. The 2006 amounts include Occidental’s share of reserves from an equity investee in Yemen and a Russian joint venture, partially offset by the minority
interest in a Colombian subsidiary. Occidental's joint venture interest in Russia was sold in 2007.
(b) All Middle East/North Africa amounts are related to PSCs, and do not include amounts related to income taxes owed by Occidental but paid by governmental
entities on its behalf. In June 2008, Occidental entered into a PSC with the Libyan National Oil Company. Prior to the effective date of this contract, Occidental
operated in Libya under exploration, production-sharing and concession agreements.
(c) Approximately one percent of the proved developed reserves at December 31, 2008 are nonproducing. The majority of these volumes are located in the United
States and the remainder is in Latin America and Middle East/North Africa.
76
Gas Reserves