BP 2014 Annual Report Download - page 178

Movements in estimated net proved reserves
million barrels
Crude oilab 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 160 147 1,007 – 15 316 – 320 49 2,013
Undeveloped 374 53 752 – 17 180 – 202 19 1,597
534 200 1,760 – 31 495 – 522 69 3,610
Changes attributable to
Revisions of previous estimates (41) (68) 87 – 9 20 – 96 (2) 101
Improved recovery 2–16– 13–– –23
Purchases of reserves-in-place 5––– –––12 –17
Discoveries and extensions 5––– 1––8 –13
Productiond(17) (15) (123) – (5) (81) – (57) (7) (305)
Sales of reserves-in-place – – (45) – (5) – – – – (50)
(46) (82) (66) – 1 (58) – 59 (9) (201)
At 31 Decembere
Developed 159 95 1,030 – 10 317 – 384 40 2,035
Undeveloped 329 22 664 – 22 120 – 197 19 1,375
488 117 1,694 – 32 437 – 581 59 3,409
Equity-accounted entities (BP share)f
At 1 January
Developed – – – – 316 2 2,970 120 – 3,407
Undeveloped – – – 1 314 2 1,858 7 – 2,182
– – – 1 630 4 4,828 127 – 5,590
Changes attributable to
Revisions of previous estimates – – – – 4 (2) 213 9 – 224
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 –––– –––– – –
– – – – – (2) 103 (27) – 74
At 31 Decemberg
Developed – – – – 316 2 2,997 89 – 3,405
Undeveloped – – – – 314 – 1,933 11 – 2,258
– – – 1 630 2 4,930 101 – 5,663
Total subsidiaries and equity-accounted entities (BP share)
At 1 January
Developed 160 147 1,007 – 331 317 2,970 440 49 5,421
Undeveloped 374 53 752 1 331 182 1,858 209 19 3,779
534 200 1,760 1 661 499 4,828 649 69 9,200
At 31 December
Developed 159 95 1,030 – 326 319 2,997 473 40 5,440
Undeveloped 329 22 664 – 336 120 1,933 208 19 3,632
488 117 1,694 1 662 439 4,930 682 59 9,072
aCrude oil includes 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.
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 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.
dIncludes 10 million barrels of crude oil in respect of the 30% non-controlling interest in BP Trinidad and Tobago LLC.
eVolumes of equity-accounted entities include volumes of equity-accounted investments of those entities.
fIncludes 38 million barrels of crude oil in respect of the 0.15% non-controlling interest in Rosneft.
gTotal proved crude oil reserves held as part of our equity interest in Rosneft is 4,961 million barrels, comprising less than 1 million barrels in Vietnam and Canada, 30 million barrels in Venezuela and
4,930 million barrels in Russia.
174 BP Annual Report and Form 20-F 2014