BP 2011 Annual Report Download - page 271

Financial statements
BP Annual Report and Form 20-F 2011 269
Supplementary information on oil and natural gas (unaudited)
Movements in estimated net proved reserves continued
million barrels of oil equivalent
Total hydrocarbonsa2011
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 608 84 3,366 10 660 600 –491 662 6,481
Undeveloped 574 295 1,923 –1,192 779 –371 462 5,596
1,182 379 5,289 10 1,852 1,379 –862 1,124 12,077
Changes attributable to
Revisions of previous estimates 28 10 27 (2) 41 (103) –(119) 55 (63)
Improved recovery 24 8200 –15 12 –75 10 344
Purchases of reserves-in-place 1 – 26 2 7 – – 58 –94
Discoveries and extensions – – 39 – 9 19 –––67
Productionb f (66) (13) (289) (1) (153) (108) –(92) (59) (781)
Sales of reserves-in-place (36) –(97) (4) (76) (12) –(87) –(312)
(49) 5(94) (5) (157) (192) –(165) 6(651)
At 31 December 2011c
Developed 531 76 3,362 5522 522 –355 675 6,048
Undeveloped 602 308 1,833 –1,173 665 –342 455 5,378
1,133 384 5,195 51,695 1,187 –697 1,130 11,426
Equity-accounted entities (BP share)g
At 1 January 2011
Developed ––––593 –2,716 382 –3,691
Undeveloped –––179 613 43 1,441 27 –2,303
–––179 1,206 43 4,157 409 –5,994
Changes attributable to
Revisions of previous estimates –––(1) (25) 5795 (5) –769
Improved recovery ––––103 –73 2 – 178
Purchases of reserves-in-place ––––103 – – 14 –117
Discoveries and extensions ––––––25 – – 25
Productionb f ––––(59) –(362) (80) –(501)
Sales of reserves-in-place ––––(260) ––––(260)
–––(1) (138) 5531 (69) –328
At 31 December 2011d h
Developed ––––546 –2,961 274 –3,781
Undeveloped –––178 522 48 1,727 66 –2,541
–––178 1,068 48 4,688 340 –6,322
Total subsidiaries and equity-accounted entities (BP share)
At 1 January 2011
Developed 608 84 3,366 10 1,253 600 2,716 873 662 10,172
Undeveloped 574 295 1,923 179 1,805 822 1,441 398 462 7,899
1,182 379 5,289 189 3,058 1,422 4,157 1,271 1,124 18,071
At 31 December 2011
Developed 531 76 3,362 51,068 522 2,961 629 675 9,829
Undeveloped 602 308 1,833 178 1,695 713 1,727 408 455 7,919
1,133 384 5,195 183 2,763 1,235 4,688 1,037 1,130 17,748
a 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 of oil equivalent per day.
c Includes 616 million barrels of NGLs. Also includes 496 million barrels of oil equivalent in respect of the 30% minority interest in BP Trinidad and Tobago LLC.
d Includes 19 million barrels of NGLs. Also includes 340 million barrels of oil equivalent in respect of the minority interest in TNK-BP.
e Proved reserves in the Prudhoe Bay field in Alaska include an estimated 82 million barrels of oil equivalent upon which a net profits royalty will be payable.
f Includes 34 million barrels of oil equivalent of natural gas consumed in operations, 27 million barrels of oil equivalent in subsidiaries, seven million barrels of oil equivalent in equity-accounted entities and
excludes two million barrels of oil equivalent of produced non-hydrocarbon components which meet regulatory requirements for sales.
g Volumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
h Total proved reserves held as part of our equity interest in TNK-BP is 4,802 million barrels of oil equivalent, comprising 100 million barrels of oil equivalent in Venezuela, 14 million barrels of oil equivalent in
Vietnam and 4,688 million barrels of oil equivalent in Russia. 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 reserves of
253 million barrels of oil equivalent.