Monday, November 29, 1999

FACTBOX - Oil majors and subtle changes in the energy mix

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Reuters - Alternative fuels account for single-digit shares of oil major's portfolios, while the far more significant shift has been towards gas.The strategy plays to their strengths as repositories of sophisticated technology for extracting oil and gas and ties into energy demand forecasts, which anticipate oil will remain dominant although it will lose some ground to rising gas use.Since 2009, oil majors have been able to book shale gas and tar sands as reserves, enabling them to replace reserves when new discoveries are increasingly difficult.The big question for oil companies is whither gas prices as experimental technology for processing shale gas and reduced demand in response to economic crisis has raised the prospect of oversupply for years to come.Profit margins for refining crude into products have long been questioned and in another notable shift majors have been paring back their refining capacity.The Paris-based International Energy Agency, which represents western consumer countries, in its World Energy Outlook to 2030 predicted the share of fossil fuels would fall fractionally from 81 percent to 80 percent.Oil is the single largest fuel in the primary fuel mix in 2030, although its share drops from 34 percent now to 30 percent.The proportion of gas in primary energy use edges higher from 20.9 percent in 2007 to 21.2 percent in 2030, while gas use in power stations -- the main driver of gas demand -- is forecast to grow by about half between 2007 and 2030.The power generation sector's share of the world gas market rises from 39 percent in 2007 to 41 percent in 2030.Non-hydro renewable energy technologies (including wind, solar, geothermal, tide and wave energy) see the fastest rate of demand increase, but their share of the total energy use still only rises to around 2 percent in 2030 from less than 1 percent now.The following shows the gradual shift in production between 2005 and the end of 2009, drawing on company reports. The gas share of production is shown as a percentage in brackets.ExxonMobil2009:Proved reserves: 23.3 billion barrels of oil equivalentProduction: 3.93 million barrels of oil equivalent per day (boepd)Gas production: 9,273 million cubic feet per day (mcf/d) (1.76 million boepd) (45 percent)Liquid production: 2,387 million bpdRefining (downstream)Throughput 2009: 5,350,000 bpd2005Proved reserves: 22.4 billion boeProduction: Gas production: 9,251 mcf/d (1.76 million boepd) (43 percent)Liquid production: 2,523,000 bpdBarrels of oil equivalent production: 4,065,000 boepdTotal liquid and gas production available for sale: 4.1 million bopedRefinery throughput: 5,723,000 bpdBP2009:Proved reserves: 18.3 billion boeProduction: 3,998,000 boepdGas: 8,485 mcf/d (1.61 million boepd) (40 percent)Crude oil production: 2,535,000 bpdRefining throughput: 2.3 million bpd2005:Proved reserves: 17.9 billion boeCrude oil daily production (including NGLs and condensate): 2,562,000 boepdGas production (subsidiaries and equities): 8,424 mcd/d (1.6 million boepd) (39.9 percent)Oil and gas production: 4,014,000 boepdRefining throughput: 2,399,000 bpdRoyal Dutch Shell2009:Proved reserves: 14.1 billion boeOil production: 1,581,000 bpdGas production: 8,483 mcf/d (1.611 million boepd) (51percent)Combined oil and gas production: 3,142,000 boepdRefinery throughput: 3,067,000 boepd2005Proved reserves: 11.31 billion boeCombined oil and gas production: 3.518 million boepdOil production: 1,998,000 bpdGas production: 8,263 million scf/d (1.569 million boepd)(45 percent)Refinery processing intake: 3,981,000 boepdConocoPhillips2009:Proved reserves: 10.3 billion boeCombined oil and gas production: 2.288 million boepdOil production: 968,000 bpdLukoil stake production: 434,000 boepdGas production: 4.877 million scf/d (0.926 million boepd)(approx 40 percent)Refinery throughput: 2,226,000 bpd2005:Proved reserves: 9.4 billion boeCrude oil production: 907,000 bpdNatural gas liquids production: 91,000 bpdGas: 3,270 mcf/d (0.62 million boepd) (34 percent)Worldwide production: 1,808 million boepd (includessynthetic and share of LUKOIL)Crude oil throughput: 2,420,000 bpdChevron2009:Proved reserves: 11.3 billion boeOil production: 1,846 million bpdGas production: 4,989 mcf/d (0.947 million boepd) (approx 35percent)Combined oil and gas production: 2.7 million boe)Crude oil throughput: 1.878 million bpd2005:Proved reserves: 11.9 billion boeOil production: 1.669 million bpdGas production: 4,233 mcf/d (0.804 million boepd) (approx 32percent)Combined oil and gas production: 2.517 million boe)Crude oil throughput: 1.883 million bpdTotal2009Proved reserves: 10,483 million boeOil production: 1,381,000 bpdGas production: 4,923 mcf/d (0.94 million boepd) (41percent)Combined oil and gas production: 2,281,000 boepdRefinery throughput: 2,151,000 bpd2005Proved reserves: 11,106 million boeOil production: 1,621,000 bpdGas production: 4,780 mcf/d (0.91 million boepd) (36.6percent)Combined oil and gas production: 2,489,000 boepdRefinery throughput: 2,410,000 bpd(reporting by Barbara Lewis, Muriel Boselli, Iukuko Kurahoneand Alex Lawler)

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