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CHEVRON CORPORATION 2006 ANNUAL REPORT 97
TABLE V – RESERVE QUANTITY INFORMATION – Continued
able to one fi eld in Kazakhstan, due mainly to the effects of
higher year-end prices on variable-royalty provisions of the
production-sharing contract. Reserves additions for consoli-
dated companies totaled 211 BCF and 243 BCF in Africa
and “Other,” respectively. The majority of the African region
changes were in Angola, due to a revised forecast of fuel gas
usage, and in Nigeria, from improved reservoir performance.
The availability of third-party compression in Colombia
accounted for most of the increase in the “Other” region.
Revisions in the United States decreased reserves by 9 BCF, as
nominal increases in the San Joaquin Valley were more than
offset by decreases in the Gulf of Mexico and “Other” region.
For the TCO affi liate in Kazakhstan, a reduction of 547 BCF
refl ects the updated forecast of future royalties payable and
year-end price effects, partially offset by volumes added as a
result of an updated assessment of reservoir performance.
In 2006, revisions accounted for a net increase of 481
BCF for consolidated companies and 26 BCF for affi liates.
For consolidated companies, net increases of 511 BCF interna-
tionally were partially offset by a 30 BCF downward revision
in the United States. Drilling and development activities
added 337 BCF of reserves in Thailand, while Kazakhstan
added 200 BCF, largely due to development activity. Trinidad
and Tobago increased 185 BCF, attributable to improved res-
ervoir performance and a new contract for sales of natural gas.
These additions were partially offset by downward revisions of
224 BCF in the United Kingdom and 130 BCF in Australia
due to drilling results and reservoir performance. U.S. “Other”
had a downward revision of 102 BCF due to reservoir
performance, which was partially offset by upward revisions
of 72 BCF in the Gulf of Mexico and California related to
reservoir performance and development drilling. TCO had
an upward revision of 26 BCF associated with additional
development activity and updated reservoir performance.
Extensions and Discoveries In 2004, extensions and
discoveries accounted for an increase of 214 BCF, refl ecting
an increase in the United States of 144 BCF, with 89 BCF
added in the “Other” region and 54 BCF added in the Gulf of
Mexico through drilling activities in a large number of fi elds.
In 2005, consolidated companies increased reserves
by 370 BCF, including 167 BCF in the United States and
118 BCF in the Asia-Pacifi c region. In the United States,
99 BCF was added in the “Other” region and 68 BCF in
the Gulf of Mexico, primarily due to drilling activities. The
addition in Asia-Pacifi c resulted primarily from increased
drilling in Kazakhstan.
In 2006, extensions and discoveries accounted for an
increase of 799 BCF for consolidated companies, refl ecting a
531 BCF increase outside the United States and a U.S. increase
of 268 BCF. Bangladesh added 451 BCF, the result of devel-
opment activity and fi eld extensions, and Thailand added 59
BCF, the result of drilling activities. U.S. “Other” contributed
157 BCF, approximately half of which was related to the South
Texas and the Piceance Basin, and the Gulf of Mexico added
111 BCF, partly due to the initial booking of reserves at the
Great White Field in the deepwater Perdido Fold Belt area.
Purchases In 2005, all except 7 BCF of the 5,656 BCF
total purchases were associated with the Unocal acquisition.
International reserve acquisitions were 4,488 BCF, with
Thailand accounting for about half the volumes. Other sig-
nifi cant volumes were added in Bangladesh and Myanmar.
In 2006, acquisition of natural gas reserves were 35 BCF
for consolidated companies, about evenly divided between
the company’s United States and international operations.
Affi liated companies added 54 BCF of reserves, the result of
conversion of an operating service agreement to a joint stock
company in Venezuela.
Sales In 2004, sales for consolidated companies totaled
547 BCF. Of this total, 436 BCF was in the United States
and 111 BCF in the “Other” international region. In the
United States, “Other” region sales accounted for 289 BCF,
refl ecting the disposal of a large number of smaller proper-
ties, including a coal bed methane fi eld. Gulf of Mexico sales
of 147 BCF refl ected the sale of Shelf properties, with four
fi elds accounting for more than one-third of the total sales.
Sales in the “Other” international region refl ected the dis-
position of the properties in western Canada and the United
Kingdom.
In 2005, sales of 248 BCF in the “Other” international
region related to the disposition of former-Unocal’s onshore
properties in Canada.
In 2006, sales for consolidated companies totaled 149
BCF, mostly associated with the conversion of a risked service
agreement to a joint stock company in Venezuela.