World's Top 23 Proven Oil Reserves Holders, Jan 1, 2012 -- OGJ

by David Rachovich

Estimated Proved Oil Reserves

Rank	Country	Proved reserves (billion  barrels), Jan 1, 2012	Proved reserves (billion barrels), Jan 1, 2011	Proved reserves (billion barrels), Jan 1, 2010	Share of total, Jan 1, 2012
1.	Saudi Arabia*^	264.5	260.1	259.9	17.4%
2.	Venezuela^+	211.2	211.2	99.4	13.9%
3.	Canada	173.6	175.2	175.2	11.4%
4.	Iran^	151.2	137.0	137.6	9.9%
5.	Iraq^	143.1	115.0	115.0	9.4%
6.	Kuwait*^	101.5	101.5	101.5	6.7%
7.	United Arab Emirates^	97.8	97.8	97.8	6.4%
8.	Russia	60.0	60.0	60.0	3.9%
9.	Libya^	47.1	46.4	44.3	3.1%
10.	Nigeria^	37.2	37.2	37.2	2.4%
11.	Kazakhstan	30.0	30.0	30.0	2.0%
12.	Qatar^	25.4	25.4	25.4	1.7%
13.	United States	20.7	19.1	19.1	1.4%
14.	China	20.4	20.4	20.4	1.3%
15.	Brazil	14.0	12.9	12.8	0.9%
16.	Algeria^	12.2	12.2	12.2	0.8%
17.	Mexico	10.2	10.4	10.4	0.7%
18.	Angola^	9.5	9.5	9.5	0.6%
19.	India	8.9	5.7	5.6	0.6%
20.	Ecuador^	7.2	6.5	6.5	0.5%
21.	Azerbaijan	7.0	7.0	7.0	0.5%
22.	Oman	5.5	5.5	5.5	0.4%
23.	Norway	5.3	5.7	6.7	0.3%
Top 23		1,463.5	1,411.7	1,299.0	96.1%
Rest of world		59.7	57.9	55.2	3.9%
World total		1,523.2	1,469.6	1,354.2	100%
Total OPEC**		1,112.9	1,064.8	951.3	73.1%

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. OGJ's annual look at reported worldwide oil reserves shows an increase to 1.52 trillion bbl from 1.47 trillion in last year's survey. The bump in oil reserves is largely due to additions in the Middle East. Most of the reserves figures reported here for members of the Organization of Petroleum Exporting Countries are referenced from the organization's most recent annual statistical bulletin. Total oil reserves for OPEC are up almost 5% from a year ago. Increases include an 11% climb in Ecuador's reported oil reserves to 7.21 billion bbl and a 24% increase in Iraq's oil reserves to 143.1 billion bbl. OGJ has included Iran's updated reserves in the table this year - a 10% increase to 151.2 billion bbl. OGJ has not changed Venezuela's oil reserves from 211.17 billion bbl, although OPEC's annual review now reports that the country's oil reserves total 296.5 billion bbl. This figure would put the South American producer's reserves above those of Saudi Arabia, where oil reserves are now reported to total 264.52 billion bbl. [Please see BP statistics updated for Venezuela's proved oil reserves, below -- D.R.] Petroleos Mexicanos (Pemex) reported that as of Jan. 1, 2012, Mexico's estimated proved oil reserves totaled 10,161 million bbl, 60% of which is heavy crude, 29% is light crude , and the remaining 11% is extra-light crude. Offshore oil accounts for 69% of the reserves. Crude oil proved reserves in the United States total 20.682 billion bbl, according to estimates released on Nov 30, 2010, by the US Energy Information Administration, for 2009. Please read Marilyn Radler, "Worldwide Oil Production Steady in 2011; Reported Reserves Grow," OGJ, Dec. 5, 2011. 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 member.
**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.
+Update: According to BP Statistical Review of World Energy, June 2012, Venezuela has 296.5 billion barrels of proved oil reserves (17.9% of the total), while Saudi Arabia -- 265.4 billion barrels (16.1%) at the end of 2011. In other words, Venezuela has surpassed Saudi Arabia as holder of the world's largest proven oil reserves, according to BP data.       

Sources: "Worldwide Look at Reserves and Production [Table]," Oil & Gas Journal, Dec, 2011; "Special Report -- Worldwide Look at Reserves and Production," OGJ, Dec 6, 2010.

(Please compare OGJ data above to BP data/BP Statistical Review of World Energy, June 2012. The BP statistics put the Russia's proved oil reserves at 88.2 billion barrels at the end of 2011, up from 86.6 billion barrels/revised figure at the end of 2010, vs. the OGJ figure of 60 billion barrels, above. Also, the BP statistics put the United States proved oil reserves at 30.9 billion barrels at the end of 2011, unchanged from a year ago. This compared to 20.7 billion barrels as reported by OGJ, above. Libya holds the world's 9th largest proven oil reserves and the largest proven oil reserves in Africa, followed by Nigeria, Algeria and Angola, according to OGJ, above. However, according to BP data, Angola has the third largest proved oil reserves in Africa, ahead of Algeria: 13.5 billion barrels vs. 12.2 billion barrels. Also, please see "World's Top 22 Proven Oil Reserves Holders, Jan 1, 2011 -- OGJ," "World's Top 23 Proven Oil Reserves Holders, 2007-2010 -- BP," "World's Top 15 Oil Net Exporters in 2011 vis-à-vis 2009," "World's Top 15 Natural Gas Proven Reserve Holders, Jan 1, 2012 -- OGJ," the world's largest oil and gas companies by the combined production volumes of oil and natural gas: "Mid 2012 Ranking of the World's Biggest Oil & Gas Companies -- Forbes," and the world's largest oil and gas companies by oil and gas reserves, oil and gas production, product sales and refinery distillation capacity, i.e. PIW rankings: "[Petroleum Intelligence Weekly Ranks World's Top 50 Oil Companies -- ] Suncor Up, ConocoPhillips Down in PIW`s New Top 50 Oil Rankings." Update: please sea my post "World's Top 23 Proven Oil Reserves Holders, Jan 1, 2013 -- OGJ." -- D.R.)

[Petroleum Intelligence Weekly Ranks World's Top 50 Oil Companies -- ] Suncor Up, ConocoPhillips Down in PIW`s New Top 50 Oil Rankings

EI/PIW press release via Reuters, Dec 8, 2011

Divestitures and acquisitions were more significant in altering the “Big Oil” leadership landscape than either organic growth or the megamergers of yesteryear, according to the results of Petroleum Intelligence Weekly’s “Top 50” global oil company rankings, released today.

ConocoPhillips’ “shrink-to-grow” strategy, which had it spinning off considerable assets in 2010, resulted in the company falling out of the Top 10 for the first time in four years, with the Houston-based giant dropping to 12 from 8 a year earlier.

Conoco’s slippage in 2010 paved the way for Russian Gazprom’s first-time entry into the elite Top 10 that year, moving up to 10 from 12 a year earlier. France’s Total marked the only other shift on the leader board, moving up to 9 from 10 a year earlier [i.e., Saudi Aramco maintained its hold on the top spot, followed by the National Iranian Oil Co. at No. 2; with ExxonMobil at No. 3 and the Petroleos de Venezuela at No. 4. China National Petroleum Corp. retained its spot as the No. 5, followed by U.K.'s BP, Royal Dutch Shell of the Netherlands/UK and Chevron. Please also see the Saudi Aramco website, the HighBeam Business article and my remarks below -- D.R.].     

This year’s rankings reaffirmed the continued importance of the so-called “supermajors” – ExxonMobil, BP, Royal Dutch Shell and Total — which held onto their Top 10 spots. But companies in developing-countries like China were racing to catch up, moving up the ranks as they grew their operations through billions of dollars in strategic acquisitions.

The PIW Top 50 rankings compare petroleum-industry majors, independents and national oil companies based operational size, rather than market cap or other financial measures, to provide a holistic view of the industry landscape. They incorporate six unique operational criteria — oil and gas reserves, oil and gas production, product sales and refinery distillation capacity — from fiscal year 2010, the latest for which complete data were available.

For the first time the Top 50 also took a hard look at M&A, correlating companies’ movement in the rankings with the announced deal value of their mergers and acquisitions in 2009, 2010 and year-to-date 2011. The analysis reaffirms M&A’s importance to companies’ operational growth strategies, showing large net buyers — particularly in China — have generally fared better than net sellers.

“Companies are increasingly rising or falling based on their ability to look beyond the integrated model to grow their operations,” said Ian Nathan, a senior research analyst at PIW parent company Energy Intelligence Group and lead author of the Top 50. “With new reserves becoming ever scarcer, companies that come up with innovative ways to create value will reap ever bigger rewards.”

Among this year’s PIW Top 50 highlights:

• The year’s biggest gainer, Canada’s Suncor, soared 10 spots, to 39 from 49, on the strength of its Petro-Canada acquisition and impressive gains in oil and gas production and product sales.
• Colombia’s Ecopetrol returned to the list, resurfacing at 48 on significant increases in oil output and gas reserves. Meanwhile, New York-based Hess fell out off the Top 50 from 47 as its growth in oil reserves was unable to compensate for a drop in gas reserves.
• China’s Sinopec and CNOOC each gained four spots, with Sinopec jumping from 26 to 22 and CNOOC from 38 to 34 as they continued executing long-established growth strategies.
• Gazprom notwithstanding, Russian companies were a mixed bag in terms of growth. Novatek advanced to 41 from 44, but Rosneft, majority owned by the Russian government, fell to 19 from 16.

For a complete list of the Top 50 or to subscribe, please contact us at CustomerService@energyintel.com. [Read more]

(Please see my post "[Energy Intelligence] 'Top 100' Oil Rankings Heavy on Houston Firms,"  by Barrett Goldsmith, Houston Business Journal, Dec 3, 2010. 2011 marks the 23rd consecutive year that Saudi Aramco has achieved the top spot in the PIW rankings. Pemex retained its spot as the No. 11 in PIW's new Top 50 oil rankings for 2010. Also, Petrobras retained its spot as the No. 15 in PIW's new Top 50 oil rankings for 2010. Furthermore, please see Forbes ranking of oil and gas companies by oil and gas production "Mid 2012 Ranking of the World's Biggest Oil & Gas Companies," and PFC Energy ranking of the biggest publicly-traded energy companies, based mainly on capital market performance: "PFC Energy 50 Ranking of World’s Top Energy Companies." -- D.R.)