BP 2014 Annual Report Download - page 181

Movements in estimated net proved reserves – continued
million barrels
Total liquidsab 2014
Europe North
America
South
America
Africa Asia Australasia Total
UK
Rest of
Europe USc
Rest of
North
America Russia
Rest of
Asia
Subsidiaries
At 1 January
Developed 169 163 1,297 – 29 320 – 320 57 2,354
Undeveloped 380 55 907 188 46 195 – 202 22 1,994
549 217 2,204 188 74 515 – 523 78 4,348
Changes attributable to
Revisions of previous estimates (47) (70) 101 (16) 9 14 – 96 (2) 86
Improved recovery 2–28– 13–– –36
Purchases of reserves-in-place 5––– –––12 –18
Discoveries and extensions 5––– 1––8 –14
Productiond(17) (17) (150) – (9) (83) – (57) (8) (341)
Sales of reserves-in-place – – (63) – (5) – – – – (68)
(52) (86) (83) (16) (3) (66) – 59 (10) (257)
At 31 Decembere
Developed 166 108 1,352 9 21 322 – 384 46 2,407
Undeveloped 332 23 769 163 50 127 – 197 22 1,684
497 131 2,121 172 71 449 – 581 68 4,092
Equity-accounted entities (BP share)f
At 1 January
Developed – – – – 316 10 3,063 120 – 3,510
Undeveloped – – – 1 314 10 1,879 7 – 2,210
– – – 1 630 20 4,943 127 – 5,721
Changes attributable to
Revisions of previous estimates – – – – 4 (3) 144 9 – 155
Improved recovery ––––12––– –12
Purchases of reserves-in-place –––– –––– – –
Discoveries and extensions – – – – 10 – 187 – – 197
Production – – – – (26) – (297) (36) – (359)
Sales of reserves-in-place –––– –––– – –
– – – – – (3) 34 (27) – 4
At 31 Decembergh
Developed – – – – 316 17 3,028 89 – 3,451
Undeveloped – – – – 314 – 1,949 11 – 2,274
– – – 1 630 17 4,976 101 – 5,725
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed 169 163 1,297 – 345 331 3,063 440 57 5,865
Undeveloped 380 55 907 188 359 205 1,879 209 22 4,204
549 217 2,204 189 704 535 4,943 650 78 10,069
At 31 December
Developed 166 108 1,352 9 337 339 3,028 473 46 5,858
Undeveloped 332 23 769 164 364 127 1,949 208 22 3,958
497 131 2,121 173 701 466 4,976 682 68 9,817
aProved 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.
bBecause of rounding, some totals may not exactly agree with the sum of their counterparts.
cProved reserves in the Prudhoe Bay field in Alaska include an estimated 65 million barrels of oil equivalent 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.
dExcludes NGLs from processing plants in which an interest is held of less than 1 thousand barrels per day for subsidiaries and 7 thousand barrels per day for equity-accounted entities.
eAlso includes 21 million barrels in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
fVolumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
gIncludes 38 million barrels in respect of the non-controlling interest in Rosneft.
hTotal proved liquid reserves held as part of our equity interest in Rosneft is 5,007 million barrels, comprising 1 million barrels in Canada, 30 million barrels in Venezuela, less than 1 million barrels in
Vietnam and 4,976 million barrels in Russia.
Financial statements
BP Annual Report and Form 20-F 2014 177