BP 2007 Annual Report Download - page 179

BP ANNUAL REPORT AND ACCOUNTS 2007 177
Supplementary information on oil and natural gas
Movements in estimated net proved reserves
For details of BP’s governance process for the booking of oil and natural gas reserves, see page 15.
2007
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Crude oilamillion barrels
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Rest of Rest of Asia
UK Europe US Americas Pacific Africa Russia Other Total
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Subsidiaries
At 1 January 2007
Developed 458 189 1,916 130 67 193 – 88 3,041
Undeveloped 146 97 1,292 237 86 512 – 482 2,852
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
604 286 3,208 367 153 705 – 570 5,893
Changes attributable to
Revisions of previous estimates (1) (25) 18 (29) (7) (133) – (27) (204)
Purchases of reserves-in-place ––25––––8
Discoveries and extensions – 31 60 1 2 93 – – 187
Improved recovery 7 1 99 6 5 12 – 1 131
Productionb(73) (19) (169) (27) (15) (71) – (80) (454)
Sales of reserves-in-place ––(94)–––––
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
(67) (12) (61) (49) (15) (99) – (98) (401)
At 31 December 2007c
Developed 414 105 1,882 115 61 256 – 104 2,937
Undeveloped 123 169 1,265 203 77 350 – 368 2,555
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
537 274 3,147f318 138 606 – 472 5,492
Equity-accounted entities (BP share)d
At 1 January 2007
Developed – – – 221 1 – 2,200 520 2,942
Undeveloped – – – 139 – – 644 163 946
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
– – – 360 1 – 2,844 683 3,888
Changes attributable to
Revisions of previous estimates – – – 178 – – 413 167 758
Purchases of reserves-in-place ––––––16–
Discoveries and extensions – – – 2 – – 283 – 285
Improved recovery –––59–––1
Production – – – (28) – – (304) (73) (405)
Sales of reserves-in-place ––––––(21)–
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
– – – 211 – – 387 95 693
At 31 December 2007e
Developed – – – 328 1 – 2,094 573 2,996
Undeveloped – – – 243 – – 1,137 205 1,585
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
– – – 571 1 – 3,231 778 4,581
aCrude 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.
bExcludes NGLs from processing plants in which an interest is held of 54 thousand barrels a day.
cIncludes 739 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.
dThe BP group holds interests, through associates, in onshore and offshore concessions in Abu Dhabi, expiring in 2014 and 2018 respectively. During the second quarter of
2007, we updated our reporting policy in Abu Dhabi to be consistent with general industry practice and as a result have started reporting production and reserves there
gross of production taxes. This change resulted in an increase in our reserves of 153 million barrels and in our production of 33mb/d.
eIncludes 26 million barrels of NGLs. Also includes 210 million barrels of crude oil in respect of the 6.51% minority interest in TNK-BP.
fProved reserves in the Prudhoe Bay field in Alaska include an estimated 98 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.
33
(94)
16
60
(21)