Leading Oil & Gas National Oil Companies - Financial & Operational Fundamental Analysis and Benchmarking-2014

Leading Oil & Gas National Oil Companies - Financial & Operational Fundamental Analysis and Benchmarking-2014

Leading Oil & Gas National Oil Companies - Financial & Operational Fundamental Analysis and Benchmarking-2014

Summary

"Leading Oil & Gas National Oil Companies - Financial & Operational Fundamental Analysis and Benchmarking-2014" 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 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, costs incurred, performance metrics, results of oil and gas operations and financial metrics.

Proved oil and gas Reserves of the Leading Oil & Gas National Oil Companies increased in 2013, up from 441 billion barrels of oil equivalent (boe) in 2009 to 556 billion boe in 2013. PDVSA had the highest proved oil and gas reserves of 331 billion boe among the Leading Oil & Gas National Oil Companies. The company's proved reserves increased at a CAGR of 8.7% from 241 billion boe in 2009 to 331 billion boe in 2013.

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, performance metrics, financial metrics and results of oil and gas operations.
- Provides annual information on key operational and financial parameters for the period 2009 to 2013.
- Benchmarks Leading Oil & Gas National Oil Companies on operational and financial parameters.
- Companies covered include; CNOOC Limited,OAO Gazprom,Oil and Natural Gas Corporation Limited,Petroleos de Venezuela S.A.,Petroleos Mexicanos,Petroleo Brasileiro S.A.,PetroChina Company Limited,OJSC Rosneft Oil Company,China Petroleum & Chemical Corporation,Statoil ASA
- The Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental Analysis and Benchmarking report is based on Company Annual Report, publicly available data filed with the U S Securities and Exchange Commission (SEC) and other similar agencies worldwide. 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 Nationl 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

2 Benchmarking Methodology 20
2.1 Company Assessment Parameters 20
2.1.1 Operational Performance 21
2.1.2 Financial Performance pillar 24
3 Leading Oil & Gas National Oil Companies, Overall Scores 26
4 Leading Oil & Gas National Oil Companies, Operational Performance 29
4.1 Leading Oil & Gas National Oil Companies, Operational Performance: Reserves Metrics 29
4.1.2 Oil Reserves as % of Total Oil and Gas Reserves, 2009-2013 31
4.1.3 Oil and Gas Reserve Life Index, 2009-2013 33
4.1.4 Oil and Gas Reserve Growth, 2009-2013 35
4.1.5 Reserve Replacement Ratio (Including Sales), 2009-2013 37
4.2 Leading Oil & Gas National Oil companies, Operational Performance: Production Metrics 39
4.2.1 Oil Production, 2009-2013 39
4.2.2 Gas Production, 2009-2013 41
4.2.3 Total Oil and Gas Production, 2009-2013 43
4.2.4 Oil as % of Total Oil and Gas Production, 2009-2013 45
4.2.5 Total Oil and Gas Production Growth, 2009-2013 47
4.3 Leading Oil & Gas National Oil companies, Operational Performance: Costs Incurred Metrics 49
4.3.1 Reserve Replacement Cost per boe, 2009-2013 49
4.3.2 Total Costs Incurred From Upstream Oil & Gas Operations, 2009-2013 51
4.3.3 Total Oil & Gas Capital Expenditure Growth, % 53
4.4 Leading Oil & Gas National Oil companies, Operational Performance: Results of Oil and Gas Operations Metrics 55
4.4.1 Oil and Gas Revenue per boe, 2009-2013 55
4.4.2 DD&A From Upstream Oil & Gas Operations, 2009-2013 57
5 Leading Oil & Gas National Oil Companies, Financial Performance 59
5.1 Leading Oil & Gas National Oil Companies, Financial Performance: Financial Metrics 59
5.1.1 Total Operating Revenue, 2009-2013 59
5.1.2 Net Income, 2009-2013 61
5.1.3 Cash Flow from Operations, 2009-2013 63
5.1.4 Cash flow From Operations per boe, US$ per boe, 2009-2013 65
5.1.5 Net Debt-to-Equity, 2009-2013 67
5.1.6 EBITDAX Margin, 2009-2013 69
5.1.7 Net Income Margin, 2009-2013 71
5.1.8 Return on Average Equity, 2009-2013 73
5.1.9 Asset Turnover Ratio, 2009-2013 75
5.1.10 Capex/Cash Flow, 2009-2013 77
6 CNOOC Limited, Operational Statistics, 2009-2013 79
6.1 CNOOC Limited, Overall Rating 79
6.2 CNOOC Limited, Reserves and Production Metrics, 2009-2013 80
6.3 CNOOC Limited, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 85
6.4 CNOOC Limited, Results of Oil and Gas Operations Metrics, 2009-2013 88
7 OAO Gazprom, Operational Statistics, 2009-2013 90
7.1 OAO Gazprom, Overall Rating 90
7.2 OAO Gazprom, Reserves and Production Metrics, 2009-2013 91
7.3 OAO Gazprom, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 96
7.4 OAO Gazprom, Results of Oil and Gas Operations, 2009-2013 98
8 Oil and Natural Gas Corporation Limited, Operational statistics, 2009-2013 100
8.1 Oil and Natural Gas Corporation Limited, Overall Rating 100
8.2 Oil and Natural Gas Corporation Limited, Reserves and Production, 2009-2013 101
8.3 Oil and Natural Gas Corporation Limited, Costs Incurred In Oil and Gas Operations, 2009-2013 106
8.4 Oil and Natural Gas Corporation Limited, Results of Oil and Gas Operations, 2009-2013 108
9 Petroleo Brasileiro S.A., Operational Statistics, 2009-2013 109
9.1 Petroleo Brasileiro S.A., Overall Rating 109
9.2 Petroleo Brasileiro S.A., Reserves and Production, 2009-2013 110
9.3 Petroleo Brasileiro S.A., Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 115
9.4 Petroleo Brasileiro S.A., Results of Oil and Gas Operations Metrics, 2009-2013 117
10 Petroleos de Venezuela S.A., Operational Statistics, 2009-2013 119
10.1 Petroleos de Venezuela S.A., Overall Rating 119
10.2 Petroleos de Venezuela S.A., Reserves and Production, 2009-2013 120
10.3 Petroleos de Venezuela S.A., Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 125
10.4 Petroleos de Venezuela S.A., Results of Oil and Gas Operations Metrics, 2009-2013 127
11 Petroleos Mexicanos, Operational Statistics, 2009-2013 129
11.1 Petroleos Mexicanos, Overall Rating 129
11.2 Petroleos Mexicanos, Reserves and Production Metrics, 2009-2013 130
11.3 Petroleos Mexicanos, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 135
11.4 Petroleos Mexicanos, Results of Oil and Gas Operations Metrics, 2009-2013 137
12 PetroChina Company Limited, Operational Statistics, 2009-2013 139
12.1 PetroChina Company Limited, Overall Rating 139
12.2 PetroChina Company Limited, Reserves and Production Metrics, 2009-2013 140
12.3 PetroChina Company Limited, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 145
12.4 PetroChina Company Limited, Results of Oil and Gas Operations Metrics, 2009-2013 147
13 OJSC Rosneft Oil Company, Operational Statistics, 2009-2013 149
13.1 OJSC Rosneft Oil Company, Overall Rating 149
13.2 OJSC Rosneft Oil Company, Reserves and Production Metrics, 2009-2013 150
13.3 OJSC Rosneft Oil Company, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 155
13.4 OJSC Rosneft Oil Company, Results of Oil and Gas Operations Metrics, 2009-2013 158
14 China Petroleum & Chemical Corporation, Operational Statistics, 2009-2013 160
14.1 China Petroleum & Chemical Corporation, Overall Rating 160
14.2 China Petroleum & Chemical Corporation, Reserves & Production Metrics, 2009-2013 161
14.3 China Petroleum & Chemical Corporation, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 166
14.4 China Petroleum & Chemical Corporation, Results of Oil and Gas Operations Metrics, 2009-2013 168
15 Statoil ASA, Operational Statistics, 2009-2013 170
15.1 Statoil ASA, Overall Rating 170
15.2 Statoil ASA, Reserves and Production Metrics, 2009-2013 171
15.3 Statoil ASA, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 176
15.4 Statoil ASA, Results of Oil and Gas Operations Metrics, 2009-2013 179
16 Appendix 181
16.1 Abbreviations 181
16.2 Sources 182
16.3 Coverage 185
16.4 Methodology 186
16.5 Primary Research 186
16.6 Secondary Research 186
16.7 Data Sources 187
16.8 Expert Panel Validation 187
16.9 Definition 187
16.10 Total Oil and Gas Reserves 188
16.10.1 Oil Revisions 188
16.10.2 Oil Extensions and Discoveries 189
16.10.3 Oil Improved Recovery 189
16.10.4 Oil Purchases 189
16.10.5 Oil Sales 189
16.10.6 Other Oil Reserve Changes 189
16.10.7 Oil Reserves, End of Period 189
16.10.8 Gas Reserves, Beginning of Period 190
16.10.9 Gas Revisions 190
16.10.10 Gas Extension and Discoveries 190
16.10.11 Gas Improved Recovery 191
16.10.12 Gas Purchases 191
16.10.13 Gas Sales 191
16.10.14 Other Gas Reserve Changes 191
16.10.15 Gas Reserves, End of Period 191
16.10.16 Total Oil and Gas Reserves, Beginning of Period 191
16.10.17 Oil and Gas Revisions 192
16.10.18 Oil and Gas Extensions & Discoveries 192
16.10.19 Oil and Gas Improved Recovery 192
16.10.20 Oil and Gas Purchases 192
16.10.21 Oil and Gas Sales 193
16.10.22 Total Oil and Gas Reserves, End of Period 193
16.10.23 Gas Contribution to Total Oil and Gas Reserves 193
16.10.24 Oil Contribution to Total Oil and Gas Reserves 193
16.10.25 Oil Reserve Additions (All Source, Excluding Sales) 193
16.10.26 Gas Reserve Additions (All Source, Excluding Sales) 194
16.10.27 Oil and Gas Reserve Additions (All Source, Excluding Sales) 194
16.10.28 Oil Finding & Development Reserve Additions 194
16.10.29 Gas Finding and Development Reserve Additions 194
16.10.30 Oil and Gas Finding and Development Reserve Additions 194
16.10.31 Oil and Gas Finding Reserve Additions, Annual 195
16.11 Reserve Life 195
16.11.1 Oil Reserve Life Index 195
16.11.2 Gas Reserve Life Index 195
16.11.3 Oil and Gas Reserve Life Index 195
16.12 Total Oil and Gas Production 195
16.12.1 Oil Production 195
16.12.2 Oil Production (Reserves Reconciliation) 196
16.12.3 Gas Production 196
16.12.4 Gas Production (Reserves Reconciliation) 196
16.12.5 Total Oil and Gas Production 196
16.12.6 Total Oil and Gas Production (Reserves Reconciliation) 197
16.12.7 Daily Oil/Liquid Production Rate (Reserves Reconciliation) 197
16.12.8 Daily Gas Production Rate (Reserves Reconciliation) 197
16.12.9 Oil Production as % of Total Oil and Gas Production 197
16.12.10 Gas Production as % of Total Oil and Gas Production 197
16.12.11 Average Daily Oil Production 198
16.12.12 Average Daily Gas Production 198
16.12.13 Average Daily Oil and Gas Production 198
16.12.14 Daily Oil and Gas Production Rate 198
16.12.15 Production Growth (Year-over-Year) 198
16.13 Reserve Replacement Ratio 199
16.13.1 Oil Reserve Replacement Ratio, Annual, Including Sales 199
16.13.2 Gas Reserve Replacement Ratio, Annual, Including Sales 199
16.13.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales 199
16.13.4 Oil Reserve Replacement Ratio, Annual, Excluding Sales 199
16.13.5 Gas Reserve Replacement Ratio, Annual, Excluding Sales 199
16.13.6 Oil and Gas Reserve Replacement Ratio, Annual, Excluding Sales 200
16.13.7 Oil Reserve Replacement Ratio, Annual 200
16.13.8 Gas Reserve Replacement Ratio, Annual 200
16.13.9 Oil and Gas Reserve Replacement Ratio, Annual 200
16.13.10 Oil and Gas Finding and Development Reserve Replacement Ratio, Annual 201
16.13.11 Oil Finding and Development Reserve Replacement Ratio, Annual 201
16.13.12 Gas Finding and Development Reserve Replacement Ratio, Annual 201
16.13.13 Oil and Gas Finding and Development Reserve Replacement Ratio (Excluding Revisions), Annual 201
16.13.14 Oil Finding and Development Reserve Replacement Ratio (Excluding Revisions), Annual 202
16.13.15 Gas Finding and Development Reserve Addition Production Replacement (Excluding Revisions), Annual 202
16.14 Costs Incurred in Oil and Gas Operations 202
16.14.1 Proved Property Acquisition Costs 203
16.14.2 Unproved Property Acquisition Costs 203
16.14.3 Total Acquisition Costs 203
16.14.4 Exploration Costs 203
16.14.5 Development Costs 204
16.14.6 Exploration and Development Costs 204
16.14.7 Total Costs Incurred From Upstream Oil and Gas Operations, Excluding Cumulative AROC 204
16.14.8 Total Costs Incurred From Upstream Oil and Gas Operations, Including Cumulative AROC 204
16.14.9 Finding and Development Costs Incurred 205
16.14.10 Reserve Replacement Cost, Annual 205
16.14.11 Oil and Gas Finding & Development Cost, Annual 205
16.14.12 Oil and Gas Finding Cost, Annual 205
16.14.13 Proved Reserve Acquisition Costs, Annual 206
16.14.14 Proved Reserve Acquisition Cost per boe, Annual 206
16.14.15 Oil and Gas Exploration Cost per boe, Annual 206
16.15 Results of Oil and Gas Operations 207
16.15.1 Oil and Gas Revenue 207
16.15.2 Other Revenue from Upstream Oil and Gas Operations 207
16.15.3 Total Revenue from Upstream Oil and Gas Operations 207
16.15.4 Production Costs 207
16.15.5 Lease Operating Expenses 208
16.15.6 Production-Related General and Administrative Expenses 208
16.15.7 Transportation and Other Product Costs 208
16.15.8 Taxes Other than Income 208
16.15.9 Exploration Expenses 209
16.15.10 Depreciation, Depletion and Amortization from Upstream Oil and Gas Operations 209
16.15.11 Impairments Related to Oil and Gas Properties 209
16.15.12 Depreciation, Depletion and Amortization from Upstream Oil and Gas Operations, Including Impairment 209
16.15.13 Total Expenses from Upstream Oil and Gas Operations 209
16.15.14 Income Tax Provision (Benefit) from Upstream Oil and Gas Operations 210
16.15.15 Net Income/Loss from Upstream Oil and Gas Operations 210
16.15.16 Net Income/Loss - Equity Companies from Upstream Oil and Gas Operations 210
16.15.17 EBITDAX Margin from Upstream Oil and Gas Operations 210
16.15.18 Net Income Margin from Upstream Oil and Gas Operations 211
16.15.19 Lifting Costs 211
16.15.20 Net-Back 211
16.15.21 Net-back Margin, Annual - From Upstream Oil and Gas Operations 211
16.16 Results of Oil and Gas Operations Per Oil and Gas Produced 212
16.16.1 Oil and Gas Revenue per boe - From Upstream Oil and Gas Operations 212
16.16.2 Upstream Oil and Gas Total Revenue 212
16.16.3 Exploration Expenses per boe - From Upstream Oil and Gas Operations 212
16.16.4 DD&A per boe From Upstream Oil and Gas Operations, Including Impairment 213
16.16.5 Net Income per boe, Annual 213
16.16.6 Cash Flow per boe, Annual - From Upstream Oil and Gas Operations 213
16.16.7 Net-back per boe, Annual - From Upstream Oil and Gas Operations 213
16.16.8 Lifting Cost per boe, Annual 214
16.16.9 Recycle Ratio 214
16.16.10 Free Cash Flow from Upstream Oil and Gas Operations 214
16.17 Contact Us 215
16.18 Disclaimer 215

1.1 List of Tables
Table 1: National Oil Companies, Total Oil and Gas Reserves, mmboe, 2013 20
Table 2: Operational Performance, Weighted Score and Rank, 2013 21
Table 3: Operational Performance Comparison: Reserves Metrics 22
Table 4: Operational Performance Comparison: Production Metrics 22
Table 5: Operational Performance Comparison: Costs Incurred Metrics 23
Table 6: Operational Performance Comparison: Results of Oil and Gas Operations Metrics 23
Table 7: Financial Performance Parameters 24
Table 8: Financial Performance Weighted Score and Rank, 2013 25
Table 9: Operational Performance Weighted Score and Rank, 2013 27
Table 10: Financial Performance Weighted Score and Rank, 2013 28
Table 11: Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas Reserves, mmboe 2009- 30
Table 12: Leading Oil & Gas National Oil Companies, Oil Reserves as % of Total Reserves, %, 32
Table 13: Leading Oil & Gas National Oil Companies, Oil and Gas Reserve Life Index, (Years), 2009-2013 34
Table 14: Leading Oil & Gas National Oil Companies, Oil and Gas Reserve Growth, (%), 2009-2013 36
Table 15: Leading Oil & Gas National Oil Companies, Reserve Replacement Ratio (Including Sales), (%), 2009-2013 38
Table 16: Leading Oil & Gas National Oil Companies, Oil Production, (mmbbl), 2009-2013 40
Table 17: Leading Oil & Gas National Oil Companies, Gas Production, (bcf), 2009-2013 42
Table 18: Leading Oil & Gas National Oil Companies, Total Oil and Gas Production, (mmboe), 2009-2013 44
Table 19: Leading Oil & Gas National Oil Companies, Oil as % of Total Oil and Gas Production, (%), 2009-2013 46
Table 20: Leading Oil & Gas National Oil Companies, Total Oil and Gas Production Growth, (%), 2009-2013 48
Table 21: Leading Oil & Gas National Oil Companies, Reserve Replacement Cost per boe, (US$/boe), 2009-2013 50
Table 22: Leading Oil & Gas National Oil Companies, Total Costs Incurred From Upstream Oil & Gas 52
Table 23: Leading Oil & Gas National Oil Companies, Oil & Gas Capital expenditure Growth, %, 2009-2013 54
Table 24: Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe, Annual, US$ per 56
Table 25: Leading Oil & Gas National Oil Companies, DD&A (Including Impairment), From Upstream 58
Table 26: Leading Oil & Gas National Oil Companies, Total Operating Revenue, US$ mil, 2009-2013 60
Table 27: Leading Oil & Gas National Oil Companies, Net Income, US$ mil, 2009-2013 62
Table 28: Leading Oil & Gas National Oil Companies, Cash flow from Operations, US$ mil, 2009-2013 64
Table 29: Leading Oil & Gas National Oil Companies, Cash flow from Operations per boe, US$ per 66
Table 30: Leading Oil & Gas National Oil Companies, Net Debt-to-Equity, 2009-2013 68
Table 31: Leading Oil & Gas National Oil Companies,EBITDAX Margin, (%), 2009-2013 70
Table 32: Leading Oil & Gas National Oil Companies, Net Income Margin, (%), 2009-2013 72
Table 33: Leading Oil & Gas National Oil Companies, Return on Average Equity, (%), 2009-2013 74
Table 34: Leading Oil & Gas National Oil Companies, Asset Turnover Ratio, x, 2009-2013 76
Table 35: Leading Oil & Gas National Oil Companies, Capex/Cash Flow, (x), 2009-2013 78
Table 36: CNOOC Limited, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 81
Table 37: CNOOC Limited, Oil Reserves Metrics, (mmbbl), 2009-2013 81
Table 38: CNOOC Limited, Gas Reserves Metrics, (bcf), 2009-2013 81
Table 39: CNOOC Limited, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 82
Table 40: CNOOC Limited, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 82
Table 41: CNOOC Limited, Reserve Replacement Ratio Metrics (%), 2009-2013 84
Table 42: CNOOC Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 86
Table 43: CNOOC Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 87
Table 44: CNOOC Limited, Results of Oil and Gas Operations Metrics (US$/boe), 2009-2013 89
Table 45: OAO Gazprom, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 92
Table 46: OAO Gazprom, Oil Reserves Metrics, (mmbbl), 2009-2013 92
Table 47: OAO Gazprom, Gas Reserves Metrics, (bcf), 2009-2013 92
Table 48: OAO Gazprom, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 92
Table 49: OAO Gazprom, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 93
Table 50: OAO Gazprom, Reserve Replacement Ratio Metrics (%), 2009-2013 95
Table 51: OAO Gazprom, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 97
Table 52: OAO Gazprom, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 97
Table 53: OAO Gazprom, Results of Oil and Gas Operations per boe Metrics, (US$/boe), 2009-2013 99
Table 54: Oil and Natural Gas Corporation Limited, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 102
Table 55: Oil and Natural Gas Corporation Limited, Oil Reserves Metrics,(mmbbl), 2009-2013 102
Table 56: Oil and Natural Gas Corporation Limited, Gas Reserves Metrics,(bcf), 2009-2013 102
Table 57: Oil and Natural Gas Corporation Limited, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 103
Table 58: Oil and Natural Gas Corporation Limited, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 103
Table 59: Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio Metrics, (%), 2009-2013 105
Table 60: Oil and Natural Gas Corporation Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 106
Table 61: Oil and Natural Gas Corporation Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 107
Table 62: Oil and Natural Gas Corporation Limited, Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 108
Table 63: Petroleo Brasileiro S.A., Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 111
Table 64: Petroleo Brasileiro S.A., Oil Reserves Metrics, (mmbbl), 2009-2013 111
Table 65: Petroleo Brasileiro S.A., Gas Reserves Metrics(bcf), 2009-2013 111
Table 66: Petroleo Brasileiro S.A., Oil and Gas Production (Sales Volume) Metrics, 2009-2013 112
Table 67: Petroleo Brasileiro S.A., Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 112
Table 68: Petroleo Brasileiro S.A., Reserve Replacement Ratio Metrics, (%), 2009-2013 114
Table 69: Petroleo Brasileiro S.A., Costs Incurred In Oil and Gas Operations Metrics ,(US$ mil), 2009-2013 115
Table 70: Petroleo Brasileiro S.A., Costs Incurred In Oil and Gas Operations Metrics (US$/boe), 2009-2013 116
Table 71: Petroleo Brasileiro S.A., Results of Oil and Gas Operations per boe Metrics, (US$/boe), 2009-2013 118
Table 72: Petroleos de Venezuela S.A., Total Oil and Gas Reserves Metrics (mmboe), 2009-2013 121
Table 73: Petroleos de Venezuela S.A., Oil Reserves Metrics (mmbbl), 2009-2013 121
Table 74: Petroleos de Venezuela S.A., Gas Reserves Metrics (bcf), 2009-2013 121
Table 75: Petroleos de Venezuela S.A., Oil and Gas Production (Sales Volume) Metrics, 2009-2013 122
Table 76: Petroleos de Venezuela S.A., Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 122
Table 77: Petroleos de Venezuela S.A., Reserve Replacement Ratio Metrics,(%), 2009-2013 124
Table 78: Petroleos de Venezuela S.A., Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 125
Table 79: Petroleos de Venezuela S.A., Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 126
Table 80: Petroleos de Venezuela S.A., Results of Oil and Gas Operations per boe Metrics (US$/boe), 2009-2013 128
Table 81: Petroleos Mexicanos, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 130
Table 82: Petroleos Mexicanos, Oil Reserves Metrics,(mmbbl), 2009-2013 131
Table 83: Petroleos Mexicanos, Gas Reserves Metrics, (bcf), 2009-2013 131
Table 84: Petroleos Mexicanos, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 131
Table 85: Petroleos Mexicanos, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 132
Table 86: Petroleos Mexicanos, Reserve Replacement Ratio Metrics, (%), 2009-2013 134
Table 87: Petroleos Mexicanos, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 135
Table 88: Petroleos Mexicanos, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 136
Table 89: Petroleos Mexicanos, Results of Oil and Gas Operations per boe Metrics (US$/boe), 2009-2013 138
Table 90: PetroChina Company Limited, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 141
Table 91: PetroChina Company Limited, Oil Reserves Metrics, (mmbbl), 2009-2013 141
Table 92: PetroChina Company Limited, Gas Reserves Metrics, (bcf), 2009-2013 141
Table 93: PetroChina Company Limited, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 142
Table 94: PetroChina Company Limited, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 142
Table 95: PetroChina Company Limited, Reserve Replacement Ratio Metrics,(%), 2009-2013 144
Table 96: PetroChina Company Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 145
Table 97: PetroChina Company Limited, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 146
Table 98: PetroChina Company Limited, Results of Oil and Gas Operations per boe Metrics, (US$/boe), 2009-2013 148
Table 99: OJSC Rosneft Oil Company, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 151
Table 100: OJSC Rosneft Oil Company, Oil Reserves Metrics, (mmbbl), 2009-2013 151
Table 101 OJSC Rosneft Oil Company, Gas Reserves Metrics, (bcf), 2009-2013 151
Table 102: OJSC Rosneft Oil Company, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 152
Table 103: OJSC Rosneft Oil Company, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 152
Table 104: OJSC Rosneft Oil Company, Reserve Replacement Ratio, Excluding Sales Metrics, (%), 2009-2013 154
Table 105: OJSC Rosneft Oil Company, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 156
Table 106: OJSC Rosneft Oil Company, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 157
Table 107: OJSC Rosneft Oil Company, Results of Oil and Gas Operations per boe Metrics, (US$/boe), 159
Table 108: China Petroleum & Chemical Corporation, Total Oil and Gas Reserves Metrics, (mmboe), 2009-2013 162
Table 109: China Petroleum & Chemical Corporation, Oil Reserves Metrics, (mmbbl), 2009-2013 162
Table 110: China Petroleum & Chemical Corporation, Gas Reserves Metrics, (bcf), 2009-2013 162
Table 111: China Petroleum & Chemical Corporation, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 163
Table 112: China Petroleum & Chemical Corporation, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 163
Table 113: China Petroleum & Chemical Corporation, Reserve Replacement Ratio Metrics, Excluding Sales Metrics ,(%), 2009-2013 165
Table 114: China Petroleum & Chemical Corporation, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 167
Table 115: China Petroleum & Chemical Corporation, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 167
Table 116: China Petroleum & Chemical Corporation, Results of Oil and Gas Operations per boe Metrics, (US$/boe), 2009-2013 169
Table 117: Statoil ASA, Total Oil and Gas Reserves Metrics,(mmboe), 2009-2013 172
Table 118: Statoil ASA, Oil Reserves Metrics, (mmbbl), 2009-2013 172
Table 119: Statoil ASA, Gas Reserves Metrics, (bcf), 2009-2013 172
Table 120: Statoil ASA, Oil and Gas Production (Sales Volume) Metrics, 2009-2013 173
Table 121: Statoil ASA, Oil and Gas Production (Reserves Reconciliation) Metrics, 2009-2013 173
Table 122: Statoil ASA, Reserve Replacement Ratio Metrics,(%), 2009-2013 175
Table 123: Statoil ASA, Costs Incurred In Oil and Gas Operations Metrics, (US$ mil), 2009-2013 177
Table 124: Statoil ASA, Costs Incurred In Oil and Gas Operations Metrics, (US$/boe), 2009-2013 178
Table 125: Statoil ASA, Results of Oil and Gas Operations per boe Metrics,(US$/boe), 2009-2013 180

1.2 List of Figures
Figure 1: Leading Oil & Gas National Oil Companies, Overall Score Comparison, 2013 26
Figure 2: Leading Oil & Gas National Oil Companies, Total Proved Oil and Gas Reserves, 2013 29
Figure 3: Leading oil & Gas National Oil Companies, Oil Reserves as % of Total Oil and Gas Reserves, %, 2013 31
Figure 4: Leading Oil & Gas National Oil Companies, Oil and Gas Reserve Life Index, 2013 33
Figure 5: Top 15 International Integrated Companies, Oil and Gas Reserve Growth, (%), 2013 35
Figure 6: Leading Oil & Gas National Oil Companies, Reserve Replacement Ratio (Including Sales), (%), 2013 37
Figure 7: Top 15 International Integrated Companies, Oil Production, (mmbbl), 2013 39
Figure 8: Leading Oil & Gas National Oil Companies, Gas Production, (bcf), 2013 41
Figure 9: Leading Oil & Gas National Oil Companies, Total Oil and Gas Production, (mmboe), 2013 43
Figure 10: Leading Oil & Gas National Oil Companies, Oil as % of Total Oil and Gas Production, (%), 2013 45
Figure 11: Leading Oil & Gas National Oil Companies, Total Oil and Gas Production Growth, (%), 2013 47
Figure 12: Leading Oil & Gas National Oil Companies, Reserve Replacement Cost per boe, (US$/boe), 2013 49
Figure 13: Leading Oil & Gas National Oil Companies, Total Costs Incurred From Upstream Oil & Gas Operations, US$ mil, 2013 51
Figure 14: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital Expenditure 53
Figure 15: Leading Oil & Gas National Oil Companies, DD&A (Including Impairment), From 57
Figure 16: Leading Oil & Gas National Oil Companies, Total Operating Revenue, US$ mil, 2013 59
Figure 17: Leading Oil & Gas National Oil Companies, Net Income, US$ mil, 2013 61
Figure 18: Leading Oil & Gas National Oil Companies, Cash flow from Operations, US$ mil, 2013 63
Figure 19: Leading Oil & Gas National Oil Companies, Cash flow From Operations per boe, US$ 65
Figure 20: Leading Oil & Gas National Oil Companies, Net Debt-to-Equity, 2013 67
Figure 21: Leading Oil & Gas National Oil Companies, EBITDAX Margin, (%), 2013 69
Figure 22: Leading Oil & Gas National Oil Companies, Net Income Margin, (%), 2013 71
Figure 23: Leading Oil & Gas National Oil Companies, Return on Average Equity, (%), 2013 73
Figure 24: Leading Oil & Gas National Oil Companies, Asset Turnover Ratio, x, 2013 75
Figure 25: Leading Oil & Gas National Oil Companies, Capex/Cash Flow, (x), 2013 77
Figure 26: CNOOC Limited, Overall Rank and Scores, 2013 79
Figure 27: CNOOC Limited, Reserves and Production, 2009-2013 80
Figure 28: CNOOC Limited, Reserve Replacement Ratio, Excluding Sales, 2009-2013 83
Figure 29: CNOOC Limited, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 85
Figure 30: CNOOC Limited, Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 88
Figure 31: OAO Gazprom, Overall Rank and Scores, 2013 90
Figure 32: OAO Gazprom, Reserves and Production, 2009-2013 91
Figure 33: OAO Gazprom, Reserve Replacement Ratio, Excluding Sales, 2009-2013 94
Figure 34: OAO Gazprom, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 96
Figure 35: OAO Gazprom, Results of Oil and Gas Operations Metrics, 2009-2013 98
Figure 36: Oil and Natural Gas Corporation Limited, Overall Rank and Scores, 2013 100
Figure 37: Oil and Natural Gas Corporation Limited, Reserves and Production, 2009-2013 101
Figure 38: Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio, Excluding Sales (%), 2009-2013 104
Figure 39: Oil and Natural Gas Corporation Limited, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 106
Figure 40: Oil and Natural Gas Corporation Limited, Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 108
Figure 41: Petroleo Brasileiro S.A., Overall Rank and Scores, 2013 109
Figure 42: Petroleo Brasileiro S.A., Reserves and Production, 2009-2013 110
Figure 43: Petroleo Brasileiro S.A., Reserve Replacement Ratio, Excluding Sales (%), 2009-2013 113
Figure 44: Petroleo Brasileiro S.A., Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 115
Figure 45: Petroleo Brasileiro S.A., Results of Oil and Gas Operations Metrics, (US$boe), 2009-2013 117
Figure 46: Petroleos de Venezuela S.A., Overall Rank and Scores, 2013 119
Figure 47: Petroleos de Venezuela S.A., Reserves and Production Metrics, 2009-2013 120
Figure 48: Petroleos de Venezuela S.A., Reserve Replacement Ratio, Excluding Sales (%), 2009-2013 123
Figure 49: Petroleos de Venezuela S.A., Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 125
Figure 50: Petroleos de Venezuela S.A., Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 127
Figure 51: Petroleos Mexicanos, Overall Rank and Scores, 2013 129
Figure 52: Petroleos Mexicanos, Reserves and Production Metrics, 2009-2013 130
Figure 53: Petroleos Mexicanos, Reserve Replacement Ratio, Excluding Sales Metrics, (%), 2009-2013 133
Figure 54: Petroleos Mexicanos, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 135
Figure 55: Petroleos Mexicanos, Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 137
Figure 56: PetroChina Company Limited, Overall Rank and Scores, 2013 139
Figure 57: PetroChina Company Limited, Reserves & Production Metrics, 2009-2013 140
Figure 58: PetroChina Company Limited, Reserve Replacement Ratio, Excluding Sales Metrics, (%), 143
Figure 59: PetroChina Company Limited, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 145
Figure 60: PetroChina Company Limited, Results of Oil and Gas Operations Metrics,, 2009-2013 147
Figure 61: OJSC Rosneft Oil Company, Overall Rank and Scores, 2013 149
Figure 62: OJSC Rosneft Oil Company, Reserves and Production Metrics, 2009-2013 150
Figure 63: OJSC Rosneft Oil Company, Reserve Replacement Ratio, Excluding Sales Metrics, (%), 153
Figure 64: OJSC Rosneft Oil Company, Costs Incurred, In Oil and Gas Operations Metrics, 2009-2013 155
Figure 65: OJSC Rosneft Oil Company, Results of Oil and Gas Operations Metrics, (US$/boe) , 2009-2013 158
Figure 66: China Petroleum & Chemical Corporation, Overall Rank and Scores, 2013 160
Figure 67: China Petroleum & Chemical Corporation, Reserves & Production Metrics, 2009-2013 161
Figure 68: China Petroleum & Chemical Corporation, Reserve Replacement Ratio, Excluding Sales Metrics,(%), 2009-2013 164
Figure 69: China Petroleum & Chemical Corporation, Costs Incurred, In Oil and Gas Operations Metrics, 2009-2013 166
Figure 70: China Petroleum & Chemical Corporation, Results of Oil and Gas Operations Metrics ,(US$/boe), 2009-2013 168
Figure 71: Statoil ASA, Overall Rank and Scores, 2013 170
Figure 72: Statoil ASA, Reserves and Production Metrics, 2009-2013 171
Figure 73: Statoil ASA, Reserve Replacement Ratio, Excluding Sales Metrics, (%), 174
Figure 74: Statoil ASA, Costs Incurred In Oil and Gas Operations Metrics, 2009-2013 176
Figure 75: Statoil ASA, Results of Oil and Gas Operations Metrics, (US$/boe), 2009-2013 179