World's Top 22 Proven Oil Reserves Holders, Jan 1, 2011 -- OGJ

by Aaron and David Rachovich

Estimated Proved Oil Reserves

Rank	Country	Proved reserves (billion barrels), Jan 1, 2011	Proved reserves (billion barrels), Jan 1, 2010	Share of  total, Jan 1, 2011
1.	Saudi Arabia*	260.1	259.9	17.7%
2.	Venezuela	211.2	99.4	14.4%
3.	Canada	175.2	175.2	11.9%
4.	Iran	137.0	137.6	9.3%
5.	Iraq	115.0	115.0	7.8%
6.	Kuwait*	101.5	101.5	6.9%
7.	United Arab Emirates	97.8	97.8	6.7%
8.	Russia	60.0	60.0	4.1%
9.	Libya	46.4	44.3	3.2%
10.	Nigeria	37.2	37.2	2.5%
11.	Kazakhstan	30.0	30.0	2.0%
12.	Qatar	25.4	25.4	1.7%
13.	China	20.4	20.4	1.4%
14.	United States	19.1	19.1	1.3%
15.	Brazil	12.9	12.8	0.9%
16.	Algeria	12.2	12.2	0.8%
17.	Mexico	10.4	10.4	0.7%
18.	Angola	9.5	9.5	0.6%
19.	Azerbaijan	7.0	7.0	0.5%
20.	Ecuador	6.5	6.5	0.4%
21.	India	5.7	5.6	0.4%
22.	Norway	5.7	6.7	0.4%
Top 22		1,406.2	1,293.5	95.7%
Rest of world		63.4	60.7	4.3%
World total		1,469.6	1,354.2
Total OPEC**		1,064.8	951.3	72.5%

Notes: OGJ gathers estimates of proved reserves from an annual survey of official sources, including government agencies and ministries. Since most countries do not assess their reserves annually, many of the figures in the OGJ's latest report are unchanged from a year ago. Venezuela reports that its oil reserves total 211.17 billion bbl, buoyed by heavy oil in the Orinoco belt. As with Canada's oil sands, development of these heavy oil deposits will stretch far into the future. OGJ previously published Venezuela's oil reserves at 99.4 billion bbl. Canada's Energy Resources Conservation Board (ERCB) announced in 2010 that due to production, its total remaining bitumen established reserve estimate for Alberta was revised to 169.9 billion bbl from 170.4 billion bbl. Conventional oil reserves are estimated at 1.4 billion bbl, down 2% from the previous estimate, ERCB reported. The latest estimates of Canada's total conventional oil reserves, however, had not been released as OGJ went to press. Also, new estimates of reserves for the U.S. were unavailable from the U.S. Energy Information Administration as of presstime and are therefore unchanged from last year's survey at 19.121 billion bbl of oil. In October 2010, OPEC members Iraq and Iran each hiked their reserves estimates---see my post here. Iraq cited work by international oil companies developing 12 fields when it increased its reserves estimate to 143 billion bbl of oil from 115 billion bbl. Iran, only days later, announced that its new official oil reserve estimate had increased to 150.31 billion bbl from 137.62 billion bbl and would rise again by yearend. OGJ has included neither Iraq's nor Iran's recently updated reserves in the table this year but instead will await further discussion of these figures to make upward adjustments. Proved oil reserves in Brazil are 12.857 billion bbl with 93% offshore. Petrobras reports estimates of 5-8 billion bbl of recoverable oil in Tupi and Iracema fields and 1.1-2 billion bbl of recoverable oil in Guara field. Brazil's National Petroleum Agency (ANP) said that country's offshore Libra subsalt oil discovery could hold as much as 15 billion bbl of oil---see my post here. But analysts have expressed a certain degree of skepticism about this estimate, as it was based on the results of a single well that has not yet reached full depth. – Please read Marilyn Radler, "Total Reserves, Production Climb on Mixed Results," OGJ, Dec. 6, 2010. Proved/proven oil reserves - Generally taken to be those quantities that geological and engineering information indicates with reasonable certainty can be recovered in the future from known reservoirs under existing economic and operating conditions. 

*Excluding one-half of the reserves in the Neutral Zone.
**OPEC has a total of 12 member countries: Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela. Rounding out the total OPEC reserves are the Kuwait-Saudi Arabia's Neutral Zone reserves of 5 billion bbl. 

Source: "Special Report -- [Table:] Worldwide Look at Reserves and Production," Oil & Gas Journal, Dec 6, 2010.

(The Persian Gulf/Arabian Gulf, including Bahrain, Iran, Iraq, Kuwait, Neutral Zone, Oman, Qatar, Saudi Arabia and the UAE, contains 747.4 billion bbl of proved oil reserves, accounting for some 51% of the world total. Proved oil reserves in Oman are 5.5 billion bbl, in Neutral Zone 5 billion bbl and in Bahrain 0.12 billion bbl, as of Jan 1, 2011. A year ago, OGJ estimated Persian Gulf proved oil reserves at 747.8 billion bbl, representing 55% of the world's total proved oil reserves. Separately, according to the OGJ's Jan 1, 2011 estimate, Egypt's proved oil reserves stand at 4.4 billion bbl, an increase of 0.7 billion bbl from 2010 reserves estimate of 3.7 billion bbl. Also, please see our post "World's Top 23 Proven Oil Reserves Holders, 2007-2010 -- BP," and compare the OGJ rankings above with the BP's rankings of the top oil reserves holders. Furthermore, please see "World's Top 22 Natural Gas Proven Reserve Holders, Jan 1, 2011 -- OGJ," here; "World's Top 15 Natural Gas Proven Reserve Holders, Jan 1, 2012 -- OGJ" and (Update:) "World's Top 23 Proven Oil Reserves Holders, Jan 1, 2012 -- OGJ." -- D.R.) 

Egypt Pipeline Explosion Cuts Gas Supply to Israel

by Christopher Helman, Forbes (blog), Feb 5, 2011
An explosion today [Feb 5] on the Arab Gas Pipeline [AGP] forced Egypt to shut off natural gas supplies to Israel and Jordan. [...] [Egyptian] Oil Minister Sameh Fahmy reportedly said it could take up to two weeks to repair the damage.

The pipeline is the third most strategically important piece of energy infrastructure in Egypt after the Suez Canal and the Sumed Pipeline. But it [its El Arish-Ashkelon branch] is the most important one to Israel, delivering 40% of Israeli natural gas supplies. [Total gas consumption in Israel stood at around 5.2 bcm in 2010, of which 2.1 bcm were imported from Egypt -- D.R.]. The Israeli government said this afternoon that it did not expect any interruption of electricity supplies as the country has gas in storage and can also switch to other fuels like [fuel] oil and diesel. Israel started receiving gas from the [El Arish-Ashkelon submarine] pipeline in 2008. [...]

One thing is for sure. Faced with insecure gas supplies from Egypt, Israel must now move with haste to develop the massive reserves of natural gas recently discovered offshore. You can read about them here (Leviathan Oil Field Could Supply Israel For Decades) and here (Israel Confirms Leviathan Gas Find). [Please read also my post here]. Read more

(The branch of the pipeline that carries natural gas into Israel wasn’t directly damaged in the incident, as the Sinai incident occurred on a part of the natural-gas network before it divides into branches serving Jordan, Syria and Lebanon, via Jordan, and Israel, via El Arish-Ashkelon branch. The blast occurred at around 7 a.m. (0500 GMT) on Saturday at a gas terminal, three km from the El Arish airport, North Sinai governor Abdel Wahab Mabrouk told reporters. He said the fire was brought under control by mid-morning, after valves allowing the flow of gas from the terminal into pipelines were shut off. Actually a fire and explosion at a gas metering station forced Egypt's gas transport company/Egyptian Natural Gas Company---GASCO---to cut off supplies to the Arab Gas Pipeline/AGP linking Egypt to Jordan, Syria, etc., as well as the pipeline supplying Egyptian gas to Israel. Egypt is an important gas producer of 64 bcm/y, of which some 45 bcm/y is consumed domestically and some 19 bcm/y is exported, mostly as LNG, according to the International Energy Agency. Gas demand has been increasing very fast over the past decade at 8%/year. Due to this growth, gas exports have been limited to one third of the reserve base. Liquefaction capacity stands at 16 bcm and exports averaged 14 bcm over 2007-09. The LNG produced in Egypt is going to Spain (4.3), U.S. (4.5), UK (0.5), South Korea (1.9) and France (1.4). Some 5 bcm/y is exported by pipeline, mostly to Jordan, Israel and Syria. Both Jordan and Israel’s power sectors are dependent on gas. See also my remarks here. Furthermore, Israel's Yam Thetis field---a major supplier of gas to Israel---off coastal Ashkelon was prepared to help compensate for the loss of Egyptian gas. The halt in Egyptian supplies also triggered a request for faster development of a floating LNG import terminal project. The planned location for the LNG import facility/floating platform/offshore LNG buoy is just off Israel's central Mediterranean coast at Hadera. For Egypt's East Mediterranean Gas Supply Corp, i.e. EMG, the gas exporting company via the 100-kilometer (62-mile) El Arish-Ashkelon submarine pipeline, please read my blog posts under the category/label "Israel." UPDATE: For the resumption of Egyptian gas supply to Israel, please see my post here. -- D.R.)

World Watch [PFC Energy 50 Ranking of World's Top Energy Companies, Jan 2011]

by Tom Haywood, Houston, EI
Exxon Mobil, with a market capitalization of $368.7 billion, is back at the top of the heap in the 2010 ranking of the world's largest publicly traded energy companies. But it's cold comfort for anyone hoping that the Western IOCs may be staging a comeback. The real story behind the annual survey by Washington-based consulting firm PFC Energy is that the Western majors are continuing to lose ground to non-Western rivals. China's PetroChina (no. 2) and Brazil's Petrobras (no. 3) have market capitalizations of $303 billion and $229 billion, respectively, and rounding out the non-Western top 10 are Russia's Gazprom (no. 6 at $149 billion) and China's CNOOC (no. 10 at $106 billion). The PFC top-10 includes the usual Western suspects -- Royal Dutch Shell [no. 4 at $207.9 billion], Chevron [no. 5 at $183.6 billion], BP [no. 7 at $136.4 billion], Total [no. 8 at $124.5 billion] and Schlumberger [no. 9 at $113.9 billion]. However, there is no getting around the fact that the Western majors owned 85% of the world's energy reserves in the late 1960s and own 15% today. [Full story]

(The PFC Energy 50 is the definitive ranking of the world's leading publicly traded energy companies by market capitalization. The listing includes companies from nine sectors: International Oil Companies; National Oil Companies; Exploration & Production; North America-Focused E&P, Refining & Marketing; Gas/Utilities; Oilfield & Drilling Services; Equipment, Engineering & Construction; and Alternative Energy. The full report is available at https://workspaces.acrobat.com/?d=4sFQLTPinFv*dy6goC6pRw. ExxonMobil, with market capitalization of $368.7 billion, regained the top position it has held on the PFC Energy 50 list in every year but 2007 and 2009. The XTO merger---see also my remarks here---and 7% share price growth combined to increase the company’s market capitalization by 14%. The 2009 leader PetroChina, a subsidiary of CNPC, closed the year 18% behind ExxonMobil, following a 14% decline in its market value. Petrobras, this year no. 3 at $228.9 billion, was no. 27 on the first PFC Energy 50 list in 1999; its market cap has grown from $13.5 billion – a 27% compound annual rate. The effect of the 23% 2010 share price decline was more than offset by a ~$67 billion new offering. North America is home to no fewer than 20 of the top 50 firms in the world: 14 U.S. firms and six Canadian firms. U.S. companies on the list include No.1 ExxonMobil; No. 5 Chevron; No. 9 Schlumberger; No. 12 ConocoPhillips; No. 16 Occidental; No. 27 Apache; No. 30 Anadarko; No. 32 Halliburton; No. 36 Devon; No. 42 Natl Oilwell Varco; No. 44 Marathon; No. 45 Hess; No. 47 Baker Hughes and No. 49 EOG Resources. Canada's companies on the list include No. 23 Suncor; No. 25 Canadian Natural; No. 34 Imperial Oil; No. 46 Cenovus; No. 48 Husky amd No. 50 Talisman. Oilfield service companies averaged the greatest value gains (+44%). Schlumberger (no. 9) achieved its highest rank since 2001. All three service companies on the list, Schlumberger, Halliburton and Baker Hughes benefitted from the robust U.S. market for hydraulic fracturing---see the PFC report. Also, please read the press release from PFC Energy, here. Update: Please see my post "PFC Energy 50 Ranking of World’s Top Energy Companies: SuperMajors, led by Chevron, Top 2011 Value Growth Performance." -- D.R.)

Sakhalin-1 Project Drills World's Longest Extended-Reach Well

Scandinavian Oil-Gas Magazine, Jan 31, 2011
Exxon Mobil Corporation says that its subsidiary, Exxon Neftegas Limited, has successfully drilled the world's longest extended-reach well at the Odoptu field, offshore far east Russia. Exxon Neftegas is the operator of the Sakhalin-1 Project on behalf of an international consortium that includes affiliates of the Russian state company Rosneft RN-Astra and Sakhalinmorneftegas-Shelf; the Japanese corporation SODECO; and the Indian state oil company ONGC Videsh Ltd.

The Odoptu OP-11 well reached a total measured depth of 40,502 feet (12,345 meters or 7.67 miles) to set a world record for extended-reach drilling (ERD). The Odoptu OP-11 also set a world record with a horizontal reach of 37,648 feet (11,475 meters or 7.13 miles). Exxon Neftegas completed the record-setting well in only 60 days using ExxonMobil's Fast Drill Process and Integrated Hole Quality technology to maximize performance in every foot of hole drilled at OP-11.

Odoptu, one of three Sakhalin-1 Project fields, is situated 5 to 7 miles (8 to 11 kilometers) offshore northeast Sakhalin Island. [See map below -- D.R.]. The ERD process enables onshore drilling beneath the seafloor to the offshore oil and gas reservoirs to successfully operate in a safe and environmentally responsible manner in one of the most challenging sub-arctic environments in the world. [...]

Since the first Sakhalin-1 well was drilled in 2003, six of the world's 10 record-setting ERD wells have been drilled at the project. The specially designed Yastreb rig [see photo 1 below] has been used throughout, setting multiple industry records for measured depth, rate of penetration and directional drilling.

Since startup, the Sakhalin-1 project has produced approximately 300 million barrels (39 million tons) of oil for export to world markets. It also has been a key supplier of approximately 235 billion cubic feet (6.8 billion cubic meters) of associated natural gas to customers in Khabarovsk Krai, in far eastern Russia, to heat homes and meet growing energy needs. The project will continue to help meet future natural gas demand in this region.

Sakhalin-1 includes the Chayvo, Odoptu, and Arkutun Dagi oil and gas fields located off the northeast coast of Sakhalin Island in the Russian Far East. [See map and photo 2 below -- D.R.]. Potential recoverable resources are 2.3 billion barrels (307 million tons) of oil and 17.1 trillion cubic feet (485 billion cubic meters) of natural gas. Read more
                                      Map: Sakhalin-1

Source: Rigzone Description: Oil from the Chayvo deposit started to run through a pipeline to the De-Kastri terminal in Russia's Khabarovsk Krai in September 2006. An export terminal at De-Kastri began shipments to Japan and South Korea in October 2006. The Sakhalin-1 gas is supplied to local consumers via a pipeline owned by Daltransgaz. Drilling at the Odoptu oil and gas field began in May 2009, and commercial production began in September 2010. The product goes to the Chayvo processing facility and then to the De-Kastri for export. The Arkutun-Dagi field is yet to be developed, but first oil is expected in 2014; it will also go to De-Kastri via Chayvo. -- D.R.

                             Photo 1: Yastreb Land Rig
                                             

Source: offshore-technology.com Description: The Chayvo Yastreb land rig, above, launched in June 2002, was engineered and constructed especially for Sakhalin-1 (Houston-based Parking Drilling Co designed and constructed the "Yastreb"). It is designed to drill extended reach wells to offshore targets from land-based locations. State-of-the-art extended reach drilling (ERD) technology reduced the high capital and operating costs of large offshore structures and at the same time minimized the environmental impact in this sensitive near-shore area. Drilling at Chayvo was completed with a total of 20 ERD wells drilled, setting records in depth, horizontal reach and drilling speed. The Yastreb rig was dismantled, modified and transported to Odoptu field where it has been in operation since the startup of drilling in May 2009. -- D.R.

             Photo 2: Sakhalin-1 - Orlan Offshore Rig (Chayvo)

                                                 Source: Rosneft website

(Sakhalin-1 is the first large-scale shelf development project in Russia being implemented under a production sharing agreement---concluded in 1996. Project participation: Exxon holds an operating 30% stake in the project, Japan's Sodeco holds 30%, with Rosneft---via its affiliates RN-Astra, 8.5%, and Sakhalinmorneftegas-Shelf, 11.5%---and India's ONGC holding 20% each. For cooperation between Rosneft and ExxonMobil, see also my post here. For the longest extended-reach well, i.e. ERD, in Saudi Arabia -- Manifa field, please see my posts here and here. -- D.R.)

World Watch: [Oil/Gas Markets and Egypt]

by Jim Washer, EI
Geopolitics is making a comeback in oil markets. WikiLeaks revelations in December about Arab support for a US nuclear strike against Iran gave a modest boost to crude oil futures, and now civil unrest in Egypt has provided the impetus to push prices above $100/bbl for the first time since September 2008. Egypt is a significant oil and gas producer, but is more important as an energy transit point -- together, the Suez Canal and the Sumed [Suez-Mediterranean] pipeline handle around 2.8 million b/d of crude and products as well as 7% of the world’s LNG trade. [See remarks below -- D.R.]. While Egypt is therefore an important chokepoint, energy markets are in unusually good shape to cope with any disruption. Oil prices may have revisited $100/bbl, but there is plenty of slack in global energy infrastructure -- Opec is sitting on some 6 million b/d of spare upstream capacity, and commercial and strategic inventories remain ample. [Full story]

(Closure of the Suez Canal and the Sumed Pipeline---see map, sorry for the blurriness and the proportion, and photo below---would divert tankers around the southern tip of Africa, the Cape of Good Hope, adding 6,000 miles---or 9,656 kilometers---to transit, according to the Energy Information Administration--EIA, increasing both costs and shipping time. According to a report released by the International Energy Agency (IEA), shipping around Africa would add 15 days of transit to Europe and 8-10 days to the United States. On the other hand, energy analysts believe the real risk is not a closure of the desert conduits---the Suez Canal and the Sumed Pipeline---but that the unrest gripping Cairo will spread to neighboring nations or other Arab countries. Barclays Capital Research report---accessed via Platts, here---noted that around 14% of the world's LNG trade transits the Suez Canal each day with the vast majority of cargoes originating in the Middle East and heading towards Atlantic Basin markets. Also, Egypt exported around 2 Bcf/d of gas in 2009, the majority [some 70%] in LNG form, accounting for around 3.2% of global LNG supply. "In the event of a disruption of LNG exports from Egypt, the greatest implications for gas markets would be for Spain," Barclays Capital said, adding that global LNG markets were well supplied with "ample" production capacity available to meet any potential Egyptian shortfall. The report also noted that Egypt exports gas via the Arab Gas Pipeline, or AGP, and its El Arish-Ashkelon branch, which has the capacity to carry about 1 Bcf/d to Israel, Lebanon, Jordan and Syria. "Most Egyptian [oil] drilling activity has been halted as a result of the political instability, as several international E&P companies have announced staff evacuations," Barclays said. "Gas production, however, has not been affected so far, and there have been no reports of force majeure on LNG deliveries. Egypt's sea ports are officially open, although staff shortages and an absence of customs officials at the Alexandria and Damietta ports are reported to cause traffic disruptions." Egypt has two LNG plants at Idku and Damietta and operations have so far not been affected despite the evacuation of foreign staff. Gas flow to Israel has also not been interrupted. Israel received an estimated 2.1 billion cubic meters, i.e. bcm, in pipeline gas from Egypt in 2010, up from 1.7 bcm a year earlier. -- D.R.)

                                             Source: Oil Capital Ltd. via EIA

                                    Photo: Suez Canal

Source: National Geographic. Description: A tanker carrying liquefied natural gas (LNG) passes through Egypt's Suez Canal in 2007.

EIA: US Oil Imports Drop 1.5% from Year Ago in November

By David Bird of Dow Jones Newswires, WSJ, Jan 28, 2011
U.S. crude oil imports in November fell 1.5% or 132,000 barrels a day, from a year ago to 8.608 million barrels a day, government data released Friday show.

Figures from the Energy Information Administration show imports were up 119,000 barrels a day, or 1.4%, from October.

Canada maintained its role as the top crude source, a position it has held since March 2006, with imports at 1.975 million barrels a day. [See Table below]. Canada accounted for 22.9% of U.S. crude imports, the highest share since December 2009.

Mexico, the number two supplier, shipped the highest volume since May and its 14.3% share of imports was the highest since November 2007.

Imports from Iraq rebounded, pushing the Middle East supplier up to eighth place from 13th in October.

Crude supplies from ninth-place Angola hit the lowest level since July 2005.

With members of the Organization of Petroleum Exporting Countries, led by number-three supplier Saudi Arabia, holding seven of the top 10 spots, supplies from OPEC rose about 200,000 barrels a day in the month. OPEC [including supplies from Libya and Kuwait -- D.R.] accounted for 48.4% of U.S. crude imports, up from 46.8% in October and unchanged from a year earlier.

Imported crude cost $87.72 a barrel, the highest level since September 2008, and up from $74.40 a barrel a year ago. The average import price in November was the highest ever for the month on EIA data beginning in 1974. [Full story]

EIA Top 10 US Crude Oil Import Sources*

(figures in million barrels per day)

                       Nov      Oct     Nov   Jan-Nov    Jan-Nov

                      2010     2010    2009     2010       2009

Canada               1.975    1.840   2.018    1.963      1.928

Mexico               1.229    1.178   0.951    1.132      1.095

Saudi Arabia         1.119    1.114   0.847    1.081      0.991

Venezuela            0.884    0.887   0.793    0.920      0.968

Nigeria              0.806    0.812   0.948    0.982      0.753

Colombia             0.489    0.400   0.216    0.349      0.258

Algeria              0.379    0.259   0.219    0.331      0.276

Iraq                 0.340    0.143   0.461    0.421      0.461

Angola               0.263    0.311   0.408    0.387      0.465

Ecuador              0.188    0.203   0.150    0.196      0.190

*Prepared by David Bird
(Top 7 OPEC suppliers of crude to the U.S. are Saudi Arabia, Venezuela, Nigeria, Algeria, Iraq, Angola and Ecuador. The U.S. also imports crude from other OPEC members: Kuwait and Libya. See EIA data and November 2010 Import Highlights -- D.R.)

'Top 100' Oil Rankings Heavy on Houston Firms

by Barrett Goldsmith, Houston Business Journal, Dec 3, 2010

The 2011 Energy Intelligence Top 100 rankings are heavy on Asian, Russian and Middle Eastern state-owned oil firms, but there is still no question about the nerve center of the global industry, as the Houston area is home to no fewer than 10 of the top 100 firms in the world.

The list, released ... by market research and news firm Energy Intelligence Group Inc., ranks companies in six categories including production and reserves of both oil and gas, as well as sales and refining capacity.

Houston companies on the list include No. 8 ConocoPhillips (NYSE: CPC); No. 32 Marathon Oil Corp. (NYSE: MRO); No. 41 Apache Corp. (NYSE: APA); No. 46 Anadarko Petroleum Corp. (NYSE: APC); No. 60 EOG Resources Inc. (NYSE: EOG); No. 74 Noble Energy Inc. (NYSE: NBL); No. 90 Southwestern Energy Co. (NYSE: SWN); No. 91 Newfield Exploration Co. (NYSE: NFX); No. 98 Ultra Petroleum Corp. (NYSE: UPL) and No. 100 El Paso Corp. (NYSE: EP).

Irving-based ExxonMobil Corp. (NYSE: XOM) was the only non-government oil major to crack the top five, ranked at No. 3. State-owned Saudi Arabian oil behemoth Saudi Aramco topped the list, followed by the National Iranian Oil Co. at No. 2; with Petroleos de Venezuela at No. 4 and the Chinese National Petroleum Corp. at No. 5. [U.K.'s BP retained its spot as the No. 6. Rounding out the Top 10 are, in order, Royal Dutch Shell of the Netherlands/UK, Chevron, ConocoPhillips and Total of France. -- According to the SPA. Actually, ConocoPhillips ties Chevron for No. 8 spot. Compare current--for 2009--Top 10 rankings to previous--for 2008--PIW's rankings here, including my remarks -- D.R.] Read full

(‘Energy Intelligence Top 100: Ranking the World’s Oil Companies,’ incorporates the Petroleum Intelligence Weekly (PIW) Top 50. Asia’s government-controlled national oil companies (NOCs) are increasingly dominant. ‘Energy Intelligence Top 100’ is the only oil company ranking that measures Asian and other government-controlled national oil companies (NOCs) side by side with privately controlled international oil companies (IOCs). This year 41 NOCs and 59 IOCs made the list. Malaysia’s Petronas (17), China’s CNOOC (38) and Thailand’s PTT (53) have been among the fastest rising companies in recent years. Korea’s National Oil Corp. (KNOC) made it back onto the list in this edition, landing at 77 following its acquisition of Canadian assets. Yet even more dramatic was the ascent of India’s Reliance Industries, which jumped a remarkable 26 spots to land at 40. Its success is the result of significant increases in both gas production and distillation capacity. The Top 100 control 87% of the world's oil reserves and 72% of its gas reserves. Rankings are based on operating metrics rather than more traditional measurements such as market capitalization or revenues. PIW's current ranking is based on operational data for 2009. Also, it is worth noting that an astonishing 48 companies appearing in the 1997 Top 100 have disappeared from the rankings due almost entirely to M&A. Read more >> Business Wire. On October 22, 2009, KNOC signed the contract to acquire Calgary-based Harvest Energy Corp. for US$3.95 billion, which has about 200 million barrels of oil and gas production fields, oil sands property, and concluded the deal on December 22, 2009. Petróleo Brasileiro/Petrobras retained its spot as the No. 15, in the 2011 PIW's ranking for 2009. Update: also, please see PIW's Dec 2011 company rankings for 2010, here.  -- D.R.)