Tom Collins Noc Presentation For Website
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Global Energy, Utilities & Mining Conference
National Oil Companies... 16/17 November 2005
PwC
Introducing the NOCs… 8 slides, 15 minutes
The resource position… The players… The trends… The challenges and issues…
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 2 16/ 17 November 2005
2004 Oil Reserves…who controls them? Not the 30 countries of the Organization for Economic Co-operation and Development
OECD 7%
State and National Oil Companies 93%
From Oil & Gas Journal 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 3 16/ 17 November 2005
2004 Oil Reserves of Top 20 Companies… Representing nearly 90% of the world’s proven reserves Kazakhstan 1% Sonangol 1% Sonatrach 1% Yukos 1% PetroBras 1% Qatar Petroleum 1.5% Pemex 1.5% Lukoil 2% Chinese National Petroleum Corp 2% Nigerian National Petroleum Corp 4%
ExxonMobil 1%, ChevronTexaco 1%, BP 1%
Saudi Aramco 26%
National Oil Company of Libya 4%
PdVSA 8%
National Iranian Oil Company 13% Abu Dhabi National Oil Company 9%
Kuwait Petroleum Corporation 10%
Iraq National Oil Company 11%
From Oil and Gas Journal, BP Statistical Review of World Energy, OPEC Annual Statistical Bulletin 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 4 16/ 17 November 2005
2004 Figures for Reserves and Production… Supermajors share…oil 3%, gas 2% production 20% # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Oil Reserves Billions bbls Saudi Arabia 262 Iran 132 Iraq 115 Kuwait 99 Abu Dhabi 92 Venezuela 79 Libya 39 Nigeria 35 China 18 Lukoil 16 Qatar 15 Mexico 15 ExxonMobil 12 Algeria 12 BP 11 Yukos 11 Brazil 10 Kazakhstan 9 Angola 9 ChevronTexaco 8
Gas Reserves Tcf Gazprom 1008 Iran 976 Qatar 910 Saudi Arabia 235 Abu Dhabi 196 Nigeria 180 Algeria 160 Venezuela 152 Iraq 110 Turkmenistan 102 Indonesia 90 Malaysia 87 China 78 Kazakhstan 70 Uzbekistan 66 Egypt 65 ExxonMobil 58 Kuwait 55 Libya 52 BP 46
Oil Production Millions bbls/yr Saudi Arabia 3247 Iran 1399 China 1314 Mexico 1234 Venezuela 1098 ExxonMobil 938 BP 923 Nigeria 860 Kuwait 835 Shell 792 Iraq 769 Abu Dhabi 713 Lukoil 634 ChevronTexaco 624 Total 620 Yukos 589 Brazil 583 Libya 577 Algeria 478 Kazakhstan 475
From Oil and Gas Journal, BP Statistical Review of World Energy, Energy Information Administration 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 5 16/ 17 November 2005
2004 Oil and Gas Reserves combined… Only 3 private companies in top 20 BOE Reserves Billion bbls 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Saudi Aramco National Iranian Oil Company Gazprom Qatar Petroleum Iraq National Oil Company Abu Dhabi National Oil Company Kuwait Petroleum Corporation Petroleos de Venezuela SA Nigerian National Petroleum Corporation National Oil Company of Libya Sonatrach, Algeria Chinese National Petroleum Corporation ExxonMobil Lukoil Pertamina, Indonesia BP Petronas, Malaysia Pemex Turkmenneft Kazmunaigaz
300 289 168 162 133 124 108 104 64 47 38 31 22 20 19 18 18 17 17 15
From Oil and Gas Journal, BP Statistical Review of World Energy, Energy Information Administration, OPEC Annual Statistical Bulletin Page 6 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers 16/ 17 November 2005
2004 Capital and Exploration spending… Outside of North America #
Company
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Pemex Shell ExxonMobil PetroChina ENI Total BP Petrobras PdVSA ChevronTexaco Statoil Sinopec ConocoPhillips Petronas ONGC Repsol CNOOC Lukoil Gazprom Surgutneftegaz
Amount (US$ millions) 11,124 9,355 8,900 6,873 6,215 5,900 5,405 5,399 4,800 4,325 4,012 2,960 2,635 2,420 2,310 2,280 1,900 1,900 1,890 1,669
Category IOCs NOCs TOTAL $
Amount (US$ millions) 46,915 45,357 92,272
% 50.8 49.2 100.0
No Middle East companies listed, as no data available
From Lehman Brothers E&P Spending Survey, December 2004 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 7 16/ 17 November 2005
Where are they going… NOCs are not a homogeneous group…there are nearly 100 of them…and they can be anywhere along this journey:
POLICY PROCEDURES POLITICS
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
PROFIT PRODUCTION PURPOSE
Page 8 16/ 17 November 2005
Trends among NOCs… In today’s demand driven environment
The rules are changing…for better and worse Undertaking more international investments Winning more blocks…and taking over companies Learning about the markets and competing Dealing more with one another…instruments of policy Lack of cash for reinvestment…need transparency & efficiency Still struggling with the social versus commercial role 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 9 16/ 17 November 2005
This brings challenges and issues… Transformations are never easy
Political interference Governance of the sector Sectoral restructuring around the NOC Separation of non-commercial activities Corporatization and privatization efforts State Petroleum Revenue Management Conflicts of acting as owner and regulator Overall transparency and business practices NOC commercial and operational efficiency Downstream competition and subsidized markets More administrative resources than technical Effect of external international regulations
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 10 16/ 17 November 2005
National Oil Companies... 16/17 November 2005
PwC
Introducing the NOCs… 8 slides, 15 minutes
The resource position… The players… The trends… The challenges and issues…
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 2 16/ 17 November 2005
2004 Oil Reserves…who controls them? Not the 30 countries of the Organization for Economic Co-operation and Development
OECD 7%
State and National Oil Companies 93%
From Oil & Gas Journal 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 3 16/ 17 November 2005
2004 Oil Reserves of Top 20 Companies… Representing nearly 90% of the world’s proven reserves Kazakhstan 1% Sonangol 1% Sonatrach 1% Yukos 1% PetroBras 1% Qatar Petroleum 1.5% Pemex 1.5% Lukoil 2% Chinese National Petroleum Corp 2% Nigerian National Petroleum Corp 4%
ExxonMobil 1%, ChevronTexaco 1%, BP 1%
Saudi Aramco 26%
National Oil Company of Libya 4%
PdVSA 8%
National Iranian Oil Company 13% Abu Dhabi National Oil Company 9%
Kuwait Petroleum Corporation 10%
Iraq National Oil Company 11%
From Oil and Gas Journal, BP Statistical Review of World Energy, OPEC Annual Statistical Bulletin 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 4 16/ 17 November 2005
2004 Figures for Reserves and Production… Supermajors share…oil 3%, gas 2% production 20% # 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Oil Reserves Billions bbls Saudi Arabia 262 Iran 132 Iraq 115 Kuwait 99 Abu Dhabi 92 Venezuela 79 Libya 39 Nigeria 35 China 18 Lukoil 16 Qatar 15 Mexico 15 ExxonMobil 12 Algeria 12 BP 11 Yukos 11 Brazil 10 Kazakhstan 9 Angola 9 ChevronTexaco 8
Gas Reserves Tcf Gazprom 1008 Iran 976 Qatar 910 Saudi Arabia 235 Abu Dhabi 196 Nigeria 180 Algeria 160 Venezuela 152 Iraq 110 Turkmenistan 102 Indonesia 90 Malaysia 87 China 78 Kazakhstan 70 Uzbekistan 66 Egypt 65 ExxonMobil 58 Kuwait 55 Libya 52 BP 46
Oil Production Millions bbls/yr Saudi Arabia 3247 Iran 1399 China 1314 Mexico 1234 Venezuela 1098 ExxonMobil 938 BP 923 Nigeria 860 Kuwait 835 Shell 792 Iraq 769 Abu Dhabi 713 Lukoil 634 ChevronTexaco 624 Total 620 Yukos 589 Brazil 583 Libya 577 Algeria 478 Kazakhstan 475
From Oil and Gas Journal, BP Statistical Review of World Energy, Energy Information Administration 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 5 16/ 17 November 2005
2004 Oil and Gas Reserves combined… Only 3 private companies in top 20 BOE Reserves Billion bbls 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Saudi Aramco National Iranian Oil Company Gazprom Qatar Petroleum Iraq National Oil Company Abu Dhabi National Oil Company Kuwait Petroleum Corporation Petroleos de Venezuela SA Nigerian National Petroleum Corporation National Oil Company of Libya Sonatrach, Algeria Chinese National Petroleum Corporation ExxonMobil Lukoil Pertamina, Indonesia BP Petronas, Malaysia Pemex Turkmenneft Kazmunaigaz
300 289 168 162 133 124 108 104 64 47 38 31 22 20 19 18 18 17 17 15
From Oil and Gas Journal, BP Statistical Review of World Energy, Energy Information Administration, OPEC Annual Statistical Bulletin Page 6 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers 16/ 17 November 2005
2004 Capital and Exploration spending… Outside of North America #
Company
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Pemex Shell ExxonMobil PetroChina ENI Total BP Petrobras PdVSA ChevronTexaco Statoil Sinopec ConocoPhillips Petronas ONGC Repsol CNOOC Lukoil Gazprom Surgutneftegaz
Amount (US$ millions) 11,124 9,355 8,900 6,873 6,215 5,900 5,405 5,399 4,800 4,325 4,012 2,960 2,635 2,420 2,310 2,280 1,900 1,900 1,890 1,669
Category IOCs NOCs TOTAL $
Amount (US$ millions) 46,915 45,357 92,272
% 50.8 49.2 100.0
No Middle East companies listed, as no data available
From Lehman Brothers E&P Spending Survey, December 2004 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 7 16/ 17 November 2005
Where are they going… NOCs are not a homogeneous group…there are nearly 100 of them…and they can be anywhere along this journey:
POLICY PROCEDURES POLITICS
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
PROFIT PRODUCTION PURPOSE
Page 8 16/ 17 November 2005
Trends among NOCs… In today’s demand driven environment
The rules are changing…for better and worse Undertaking more international investments Winning more blocks…and taking over companies Learning about the markets and competing Dealing more with one another…instruments of policy Lack of cash for reinvestment…need transparency & efficiency Still struggling with the social versus commercial role 2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 9 16/ 17 November 2005
This brings challenges and issues… Transformations are never easy
Political interference Governance of the sector Sectoral restructuring around the NOC Separation of non-commercial activities Corporatization and privatization efforts State Petroleum Revenue Management Conflicts of acting as owner and regulator Overall transparency and business practices NOC commercial and operational efficiency Downstream competition and subsidized markets More administrative resources than technical Effect of external international regulations
2005 Global Energy, Utilities & Mining Conference PricewaterhouseCoopers
Page 10 16/ 17 November 2005
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