Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental Analysis and Benchmarking-2011

Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental Analysis and Benchmarking-2011

Summary

"Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental Analysis and Benchmarking-2011” is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of Leading Oil & Gas National Oil Companies. The report benchmarks and analyzes leading listed Oil & Gas National Oil Companies on various operational and financial parameters. The report is an essential source for key operational data, analysis and strategic insights into companies. It provides detailed information on the key operational and financial parameters for the last five years. It also highlights the top ranked company on various operational and financial parameters such as proved oil and gas reserves, production, capital expenditures, F&D costs, performance metrics, results of oil and gas operations and valuation metrics.

Petroleos de Venezuela S.A. had the largest portfolio of proved oil and gas reserves among the Leading Oil & Gas National Oil Companies at the end of 2010. Petroleos de Venezuela S.A. with 296,501 MMbbl of proved oil reserves at the end of 2010 was top ranked in terms of oil reserves among the Leading Oil & Gas National Oil Companies. While OAO Gazprom with 670,890 bcf of proved gas reserves was the highest gas reserves holder within the peer group. The proved oil & gas reserves of Leading Oil & Gas National Oil Companies increased 20.7% during 2010, increase from 440.898 billion boe in 2009 to 532.206 billion boe in 2010.OAO Gazprom is the leading oil & gas producer. The company with 3,305 MMboe production in 2010 ranks first among the Leading Oil & Gas National Oil Companies. Capital expenditure of Leading Oil & Gas National Oil Companies increased by 54.7% in 2010.

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes -
- Detailed and unique insights information on the key operational and financial parameters. The report provides a comprehensive overview of production, production change, production growth, reserves, reserve changes, reserve growth, capital expenditures, valuation metrics and results of oil and gas operations.
- Provides annual information on key operational and financial parameters for the period 2006 to 2010.
- Companies covered include; Petroleos de Venezuela S.A.,OAO Gazprom,PetroChina Company Limited,OJSC Rosneft Oil Company,Petroleos Mexicanos,CNOOC Limited,Petroleo Brasileiro S.A,Statoil ASA,China Petroleum & Chemical Corporation
- Leading Oil & Gas National Oil Companies : Financial & Operational Fundamental Analysis and Benchmarking report is based on publicly available data from companies website/Regulatory filings. This has then been analyzed by GlobalData’s in house team of experts.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Rank your performance against other Leading Oil & Gas National Oil Companies using operational and financial benchmarking metrics
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Formulate your strategies based on in-depth analysis of your competitors in oil and gas markets.
- Improve decision making on the basis of peer comparison.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.

1 Table of Contents
1 Table of Contents 2
1.1 List Of Tables 8
1.2 List Of Figures 12
2 Benchmarking Methodology 14
2.1 Company Assessing Pillars 14
2.1.1 Operational pillar 15
2.1.2 Financial Performance pillar 18
3 Leading Oil & Gas National Oil Companies, Overall Scores 20
4 Leading Oil & Gas National Oil Companies, Operational Performance 22
4.1 Leading Oil & Gas National Oil Companies, Operational Performance: Reserves Metrics 22
4.1.1 Total Proved Oil & Gas Reserves, 2006-2010 22
4.1.2 Oil Reserves as % of Total Reserves, 2006-2010 24
4.1.3 Oil & Gas Reserves Life Index, 2006-2010 25
4.1.4 Oil & Gas Reserves Growth, 2006-2010 26
4.1.5 Reserves Replacement Ratio (Including Sales), 2006-2010 27
4.2 Leading Oil & Gas National Oil Companies, Operational Performance: Production Metrics 28
4.2.1 Oil Production, 2006-2010 28
4.2.2 Gas Production, 2006-2010 29
4.2.3 Total Oil & Gas Production, 2006-2010 30
4.2.4 Oil as % of Total Production, 2006-2010 32
4.2.5 Total Oil & Gas Production Growth, 2006-2010 33
4.3 Leading Oil & Gas National Oil Companies, Operational Performance: Costs Incurred Metrics 34
4.3.1 Reserve Replacement Cost per boe, Annual, 2006-2010 34
4.3.2 Total Costs Incurred From Upstream Oil & Gas Operations, 2006-2010 35
4.3.3 Total Oil & Gas Capital Expenditure Growth,%, 36
4.4 Leading Oil & Gas National Oil Companies, Operational Performance: Results of Oil & Gas Operations Metrics 37
4.4.1 Oil & Gas Revenue per boe, 2006-2010 37
4.4.2 Depreciation, Depletion and Amortization (Including Impairment), From Upstram Oil and Gas Operations, $/boe 38
5 Leading Oil & Gas National Oil Companies, Financial Performance 39
5.1 Leading Oil & Gas National Oil Companies, Financial Performance: Financial Metrics 39
5.1.1 Total Operating Revenue, 2006-2010 39
5.1.2 Net Income, 2006-2010 40
5.1.3 Cash Flow from Operations, 2006-2010 41
5.1.4 Cash flow From Operations/Total Oil & Gas Production, $/Boe, 2006-2010 42
5.1.5 EBITDAX Margin, 2006-2010 43
5.1.6 Net Income Margin, 2006-2010 44
5.1.7 Return on Average Equity, 2006-2010 45
5.1.8 Asset Turnover Ratio, 2006-2010 46
5.1.9 Capex/Cash Flow, 2006-2010 47
6 China Petroleum & Chemical Corporation, Operational Statistics, 2006-2010 48
6.1 China Petroleum & Chemical Corporation, Company’s Overall Rating 48
6.2 China Petroleum & Chemical Corporation, Reserves & Production Metrics, 2006-2010 49
6.3 China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 54
6.4 China Petroleum & Chemical Corporation, Results of Oil & Gas Operations Metrics, 2006-2010 55
7 CNOOC Limited., Operational Statistics, 2006-2010 56
7.1 CNOOC Limited, Company’s Overall Rating 56
7.2 CNOOC Limited, Reserves & Production Metrics, 2006-2010 57
7.3 CNOOC Limited, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 62
7.4 CNOOC Limited, Results of Oil & Gas Operations Metrics, 2006-2010 63
8 OAO Gazprom, Operational Statistics, 2006-2010 64
8.1 OAO Gazprom, Company’s Overall Rating 64
8.2 OAO Gazprom, Reserves & Production Metrics, 2006-2010 65
8.3 OAO Gazprom, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 69
8.4 OAO Gazprom, Results of Oil & Gas Operations Metrics, 2006-2010 70
9 Oil and Natural Gas Corporation Limited, Operational Statistics, 2006-2010 71
9.1 Oil and Natural Gas Corporation Limited, Company’s Overall Rating 71
9.2 Oil and Natural Gas Corporation Limited, Reserves & Production Metrics, 2006-2010 72
9.3 Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 77
9.4 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Metrics, 2006-2010 78
10 OJSC Rosneft Oil Company, Operational Statistics, 2006-2010 79
10.1 OJSC Rosneft Oil Company, Company’s Overall Rating 79
10.2 OJSC Rosneft Oil Company, Reserves & Production Metrics, 2006-2010 80
10.3 OJSC Rosneft Oil Company, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 83
10.4 OJSC Rosneft Oil Company, Results of Oil & Gas Operations Metrics, 2006-2010 84
11 PetroChina Company Limited, Operational Statistics, 2006-2010 85
11.1 PetroChina Company Limited, Company’s Overall Rating 85
11.2 PetroChina Company Limited, Reserves & Production Metrics, 2006-2010 86
11.3 PetroChina Company Limited,Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 90
11.4 PetroChina Company Limited,Results of Oil & Gas Operations Metrics, 2006-2010 91
12 Petroleo Brasileiro S.A., Operational Statistics, 2006-2010 92
12.1 Petroleo Brasileiro S.A., Company’s Overall Rating 92
12.2 Petroleo Brasileiro S.A., Reserves & Production Metrics, 2006-2010 94
12.3 Petroleo Brasileiro S.A., Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 99
12.4 Petroleo Brasileiro S.A., Results of Oil & Gas Operations Metrics, 2006-2010 100
13 Petroleos de Venezuela S.A., Operational Statistics, 2006-2010 101
13.1 Petroleos de Venezuela S.A., Company’s Overall Rating 101
13.2 Petroleos de Venezuela S.A., Reserves & Production Metrics, 2006-2010 102
13.3 Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations Metrics,2006-2010 106
13.4 Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics, 2006-2010 107
14 Petroleos Mexicanos, Operational Statistics, 2006-2010 108
14.1 Petroleos Mexicanos, Company’s Overall Rating 108
14.2 Petroleos Mexicanos, Reserves & Production Metrics, 2006-2010 109
14.3 Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 115
14.4 Petroleos Mexicanos, Results of Oil & Gas Operations Metrics, 2006-2010 116
15 Statoil ASA, Operational Statistics, 2006-2010 118
15.1 Statoil ASA, Company’s Overall Rating 118
15.2 Statoil ASA, Reserves & Production Metrics, 2006-2010 119
15.3 Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics, 2006-2010 124
15.4 Statoil ASA, Results of Oil & Gas Operations Metrics, 2006-2010 125
16 Appendix 126
16.1 Methodology 126
16.2 Coverage 126
16.3 Secondary Research 126
16.4 Primary Research 127
16.5 Data Sources 127
16.5.1 Company Source 127
16.5.2 SEC/Other Regulatory Filings 127
16.6 Expert Panel Validation 127
16.7 Definition 127
16.8 Total Oil and Gas Reserves 128
16.8.1 Oil Revisions 128
16.8.2 Oil Extensions & Discoveries 128
16.8.3 Oil Improved Recovery 128
16.8.4 Oil Purchases 129
16.8.5 Oil Sales 129
16.8.6 Oil Other Reserves Changes 129
16.8.7 Oil Reserves, End of Period 129
16.8.8 Gas Reserves, Beginning of Period 129
16.8.9 Gas Revisions 130
16.8.10 Gas Extensions & Discoveries 130
16.8.11 Gas Improved Recovery 130
16.8.12 Gas Purchases 130
16.8.13 Gas Sales 130
16.8.14 Gas Other Reserves Changes 130
16.8.15 Gas Reserves, End of Period 130
16.8.16 Total Oil & Gas Reserves, Beginning of Period 131
16.8.17 Oil & Gas Revisions 131
16.8.18 Oil & Gas Extensions & Discoveries 131
16.8.19 Oil & Gas Improved Recovery 132
16.8.20 Oil & Gas Purchases 132
16.8.21 Oil & Gas Sales 132
16.8.22 Oil & Gas Other Reserves Changes 132
16.8.23 Total Oil & Gas Reserves, End of Period 132
16.8.24 Gas Reserves as % of Total Oil & Gas Reserves 133
16.8.25 Oil Reserves as % of Total Oil & Gas Reserves 133
16.8.26 Oil Reserve Additions (All Source, Excluding Sales) 133
16.8.27 Gas Reserve Additions (All Source, Excluding Sales) 133
16.8.28 Oil & Gas Reserve Additions (All Source, Excluding Sales) 133
16.8.29 Oil Finding & Development Reserve Additions 133
16.8.30 Gas Finding & Development Reserve Additions 134
16.8.31 Oil & Gas Finding & Development Reserve Additions 134
16.8.32 Oil & Gas Finding Reserve Additions, Annual 134
16.9 Reserve Life 135
16.9.1 Oil Reserve Life Index 135
16.9.2 Gas Reserve Life Index 135
16.9.3 Oil & Gas Reserve Life Index 135
16.10 Total Oil and Gas production 136
16.10.1 Oil Production 136
16.10.2 136
16.10.3 Oil Production (Reserves Reconciliation) 136
16.10.4 Gas Production 136
16.10.5 Gas Production (Reserves Reconciliation) 137
16.10.6 Total Oil & Gas Production 137
16.10.7 Total Oil & Gas Production (Reserves Reconciliation) 137
16.10.8 Daily Oil/Liquid Production Rate (Reserves Reconciliation) 137
16.10.9 Daily Gas Production Rate (Reserves Reconciliation) 137
16.10.10 Oil Production as % of Total Oil & Gas Production 137
16.10.11 Average Daily Oil Production 138
16.10.12 Average Daily Gas Production 138
16.10.13 Average Daily Oil & Gas Production (Mboe/d) 138
16.10.14 Daily Oil & Gas Production Rate (MMcfe/d) 138
16.10.15 Production Growth (Year over Year) 138
16.11 Reserve Replacement Ratio 139
16.11.1 Oil Reserve Replacement Ratio, Annual, Including Sales 139
16.11.2 Gas Reserve Replacement Ratio, Annual, Including Sales 139
16.11.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales 139
16.11.4 Oil Reserve Replacement Ratio, Annual, excluding Sales 139
16.11.5 Gas Reserve Replacement Ratio, Annual, excluding Sales 139
16.11.6 Oil and Gas Reserve Replacement Ratio, Annual, excluding Sales 139
16.11.7 Oil Reserve Replacement Ratio, Annual 139
16.11.8 Gas Reserve Replacement Ratio, Annual 140
16.11.9 Oil & Gas Reserve Replacement Ratio, Annual 140
16.11.10 Oil and Gas F&D Reserve Replacement Ratio, Annual 140
16.11.11 Oil F&D Reserve Replacement Ratio, Annual 140
16.11.12 Gas F&D Reserve Replacement Ratio, Annual 140
16.11.13 Oil and Gas F&D Reserve Replacement Ratio (Excluding Revisions), Annual 141
16.11.14 Oil F&D Reserve Replacement Ratio (Excluding Revisions), Annual 141
16.11.15 Gas F&D Reserve Addition Production Replacement (Excluding Revisions), Annual 141
16.12 Costs Incurred in Oil and Gas Operations 142
16.12.1 Proved Property Acquisitions Costs 142
16.12.2 Unproved Property Acquisitions Costs 142
16.12.3 Total Acquisition Costs 142
16.12.4 Exploration Costs 142
16.12.5 Development Costs 142
16.12.6 Exploration & Development Costs 143
16.12.7 Total Costs Incurred From Upstream Oil & Gas Operations, Excluding Cumulative AROC 143
16.12.8 Total Costs Incurred From Upstream Oil & Gas Operations, Including Cumulative AROC 143
16.12.9 Finding & Development Costs Incurred 143
16.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual 144
16.12.11 Reserve Replacement Cost per boe, Annual 144
16.12.12 Oil & Gas Finding & Development Cost/boe, Annual 144
16.12.13 Oil & Gas Finding Cost per boe, Annual 144
16.12.14 Proved Reserve Acquisition Costs, Annual 144
16.12.15 Proved Reserves Acquisition Cost per boe, Annual 144
16.12.16 Oil & Gas Exploration Cost per boe, Annual 145
16.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual 145
16.13 Results of Oil and Gas Operations 146
16.13.1 Oil & Gas Revenue 146
16.13.2 Other Revenues From Upstream Oil & Gas Operations 146
16.13.3 Total Revenue from Upstream Oil & Gas Operations 146
16.13.4 Production Costs 146
16.13.5 Lease Operating Expenses 147
16.13.6 Production-related general and administrative expenses 147
16.13.7 Transportation and Other Product Costs 147
16.13.8 Taxes Other than Income 147
16.13.9 Exploration Expenses 148
16.13.10 Accretion of Asset Retirement Obligation Cost 148
16.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations 148
16.13.12 Impairments Related to Oil and Gas Properties 148
16.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment 149
16.13.14 Total Expenses From Upstream Oil & Gas Operations 149
16.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations 149
16.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations 149
16.13.17 Net Income/ Loss From Upstream Oil & Gas Operations 150
16.13.18 Net Income/ Loss - Equity Companies From Upstream Oil & Gas Operations 150
16.13.19 Net Income Margin from Upstream Oil & Gas Operations 150
16.13.20 Lifting Costs 150
16.13.21 Net-back - From Upstream Oil & Gas Operations 151
16.13.22 Net-back Margin, Annual - From Upstream Oil & Gas Operations 151
16.14 Results of Oil & Gas Operations Per Oil & Gas Produced 151
16.14.1 Oil & Gas Revenue per boe - From Upstream Oil & Gas Operations 151
16.14.2 Total Revenue per boe - From Upstream Oil & Gas Operations 151
16.14.3 Exploration Expenses per boe - From Upstream Oil & Gas Operations 151
16.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding Impairment 152
16.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including Impairment 152
16.14.6 Other Costs (Income) per boe From Upstream Oil & Gas OperationsUnit: $/boe 152
16.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas Operation 152
16.14.8 Net Income per boe, Annual - From Upstream Oil & Gas Operations 152
16.14.9 Cash Flow per boe, Annual - From Upstream Oil & Gas Operations 153
16.14.10 Net-back per boe, Annual - From Upstream Oil & Gas Operations 153
16.14.11 Lifting Cost per boe, Annual 153
16.14.12 Recycle Ratio 153
16.14.13 Free Cash Flow from Upstream Oil & Gas Operations 153
16.14.14 EBITDAX Margin 154
16.15 Units of Measure 154
16.16 About GlobalData; Company Sources 154
16.17 Disclosure 155
16.18 Disclaimer 155