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Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
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Equipment ID   : 1570
Equipment name   : Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
Category   : Research Reports
Specifications   : Name of the Report :
Leading Oil & Gas National Oil Companies- Financial & Operational
Fundamental Analysis and Benchmarking-2012


Published Date : 31-Oct-2012
No. of pages : 151

Table of Contents

1 Table of contents
1 Table of contents… 2
1.1 List of Tables… 6
1.2 List of Figures… 9
2 Benchmarking Methodology… 11
2.1 Company Assessing Pillars… 11
2.1.1 Operational pillar… 12
2.1.2 Financial Performance pillar… 15
3 Leading Oil & Gas National Oil Companies, Overall Scores… 17
4 Leading Oil & Gas National Oil Companies, Operational Performance… 20
4.1 Leading Oil & Gas National Oil Companies, Operational Performance: Reserves
Metrics… 20
4.1.1 Total Proved Oil & Gas Reserves, 2007-2011… 20
4.1.2 Oil Reserves as % of Total Reserves, 2007-2011… 22
4.1.3 Oil & Gas Reserves Life Index, 2007-2011… 23
4.1.4 Oil & Gas Reserves Growth, 2007-2011… 24
4.1.5 Reserves Replacement Ratio (Including Sales), 2007-2011… 25
4.2 Leading Oil & Gas National Oil Companies, Operational Performance: Production
Metrics… 26
4.2.1 Oil Production, 2007-2011… 26
4.2.2 Gas Production, 2007-2011… 27
4.2.3 Total Oil & Gas Production, 2007-2011… 28
4.2.4 Oil as % of Total Production, 2007-2011… 29
4.2.5 Total Oil & Gas Production Growth, 2007-2011… 30
4.3 Leading Oil & Gas National Oil Companies, Operational Performance: Costs
Incurred Metrics… 31
4.3.1 Reserve Replacement Cost per boe, 2007-2011… 31
4.3.2 Total Costs Inccured from Upstream Oil & Gas Operations, 2007-2011… 32
4.3.3 Total Oil & Gas Capital Expenditure Growth, %… 33
4.4 Leading Oil & Gas National Oil Companies, Operational Performance: Results
of Oil & Gas Operations Metrics… 34
4.4.1 Oil & Gas Revenue per boe, 2007-2011… 34
4.4.2 DD&A (Including Impairment), From Upstream Oil and Gas Operations, $/boe… 35
5 Leading Oil & Gas National Oil Companies, Financial Performance… 36
5.1 Leading Oil & Gas National Oil Companies, Financial Performance: Financial
Metrics… 36
5.1.1 Total Operating Revenue, 2007-2011… 36
5.1.2 Net Income, 2007-2011… 38
5.1.3 Cash Flow from Operations, 2007-2011… 39
5.1.4 Cash flow From Operations per boe, $/Boe, 2007-2011… 40
5.1.5 Net Debt to Equity, 2007-2011… 41
5.1.6 EBITDAX Margin, 2007-2011… 42
5.1.7 Net Income Margin, 2007-2011… 43
5.1.8 Return on Average Equity, 2007-2011… 44
5.1.9 Asset Turnover Ratio, 2007-2010… 45
5.1.10 Capex/Cash Flow, 2007-2011… 46
6 China Petroleum & Chemical Corporation… 47
6.1 China Petroleum & Chemical Corporation Company’s Overall Rating… 47
6.2 China Petroleum & Chemical Corporation, Reserves & Production Metrics,
2007-2011… 48
6.3 China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 51
6.4 China Petroleum & Chemical Corporation, Results of Oil & Gas Operations Metrics,
2007-2011… 53
7 CNOOC Limited., Operational Statistics, 2007-2011… 55
7.1 CNOOC Limited., Company’s Overall Rating… 55
7.2 CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
7.3 CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 59
7.4 CNOOC Limited., Results of Oil & Gas Operations Metrics, 2007-2011… 61
8 OAO Gazprom., Operational Statistics, 2007-2011… 63
8.1 OAO Gazprom., Company’s Overall Rating… 63
8.2 OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
8.3 OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 66
8.4 OAO Gazprom., Results of Oil & Gas Operations Metrics, 2007-2011… 68
9 Oil and Natural Gas Corporation Limited, Operational Statistics, 2007-2011… 69
9.1 Oil and Natural Gas Corporation Limited, Company’s Overall Rating… 69
9.2 Oil and Natural Gas Corporation Limited, Reserves & Production Metrics,
2007-2011… 70
9.3 Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 73
9.4 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 74
10 OJSC Rosneft Oil Company., Operational Statistics, 2007-2011… 75
10.1 OJSC Rosneft Oil Company., Company’s Overall Rating… 75
10.2 OJSC Rosneft Oil Company., Reserves & Production Metrics, 2007-2011… 76
10.3 OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 79
10.4 OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
11 PetroChina Company Limited, Operational Statistics, 2007-2011… 83
11.1 PetroChina Company Limited, Company’s Overall Rating… 83
11.2 PetroChina Company Limited, Reserves & Production Metrics, 2007-2011… 84
11.3 PetroChina Company Limited, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 87
11.4 PetroChina Company Limited, Results of Oil & Gas Operations Metrics, 
2007-2011… 89
12 Petroleo Brasileiro S.A., Operational Statistics, 2007-2011… 91
12.1 Petroleo Brasileiro S.A., Company’s Overall Rating… 91
12.2 Petroleo Brasileiro S.A.,  Reserves & Production Metrics, 2007-2011… 92
12.3 Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations Metrics, 
2007-2011… 95
12.4 Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
13 Petroleos de Venezuela S.A., Operational Statistics, 2007-2011… 99
13.1 Petroleos de Venezuela S.A., Company’s Overall Rating… 99
13.2 Petroleos de Venezuela S.A., Reserves & Production Metrics, 2007-2011… 100
13.3 Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 103
13.4 Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
14 Petroleos Mexicanos, Operational Statistics, 2007-2011… 107
14.1 Petroleos Mexicanos, Company’s Overall Rating… 107
14.2 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
14.3 Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 111
14.4 Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
15 Statoil ASA, Operational Statistics, 2007-2011… 115
15.1 Statoil ASA, Company’s Overall Rating… 115
15.2 Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
15.3 Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 119
15.4 Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121
16.8 Total Oil and Gas Reserves… 125
16.8.1 Oil Revisions… 125
16.8.2 Oil Extensions & Discoveries… 125
16.8.3 Oil Improved Recovery… 125
16.8.4 Oil Purchases… 125
16.8.5 Oil Sales… 126
16.8.6 Oil Other Reserves Changes… 126
16.8.7 Oil Reserves, End of Period… 126
16.8.8 Gas Reserves, Beginning of Period… 126
16.8.9 Gas Revisions… 127
16.8.10 Gas Extensions & Discoveries… 127
16.8.11 Gas Improved Recovery… 127
16.8.12 Gas Purchases… 127
16.8.13 Gas Sales… 127
16.8.14 Gas Other Reserves Changes… 127
16.8.15 Gas Reserves, End of Period… 127
16.8.16 Total Oil & Gas Reserves, Beginning of Period… 128
16.8.17 Oil & Gas Revisions… 128
16.8.18 Oil & Gas Extensions & Discoveries… 128
16.8.19 Oil & Gas Improved Recovery… 129
16.8.20 Oil & Gas Purchases… 129
16.8.21 Oil & Gas Sales… 129
16.8.22 Oil & Gas Other Reserves Changes… 129
16.8.23 Total Oil & Gas Reserves, End of Period… 129
16.8.24 Gas Reserves as % of Total Oil & Gas Reserves… 130
16.8.25 Oil Reserves as % of Total Oil & Gas Reserves… 130
16.8.26 Oil Reserve Additions (All Source, Excluding Sales)… 130
16.8.27 Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.28 Oil & Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.29 Oil Finding & Development Reserve Additions… 130
16.8.30 Gas Finding & Development Reserve Additions… 131
16.8.31 Oil & Gas Finding & Development Reserve Additions… 131
16.8.32 Oil & Gas Finding Reserve Additions, Annual… 131
16.9 Reserve Life… 131
16.9.1 Oil Reserve Life Index… 131
16.9.2 Gas Reserve Life Index… 131
16.9.3 Oil & Gas Reserve Life Index… 131
16.10 Total Oil and Gas production… 132
16.10.1 Oil Production… 132
16.10.2 Oil Production (Reserves Reconciliation)… 132
16.10.3 Gas Production… 132
16.10.4 Gas Production (Reserves Reconciliation)… 133
16.10.5 Total Oil & Gas Production… 133
16.10.6 Total Oil & Gas Production (Reserves Reconciliation)… 133
16.10.7 Daily Oil/Liquid Production Rate (Reserves Reconciliation)… 133
16.10.8 Daily Gas Production Rate (Reserves Reconciliation)… 133
16.10.9 Oil Production as % of Total Oil & Gas Production… 134
16.10.10 Average Daily Oil Production… 134
16.10.11 Average Daily Gas Production… 134
16.10.12 Average Daily Oil & Gas Production (Mboe/d)… 134
16.10.13 Daily Oil & Gas Production Rate (MMcfe/d)… 134
16.10.14 Production Growth (Year over Year)… 135
16.11 Reserve Replacement Ratio… 135
16.11.1 Oil Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.2 Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.4 Oil Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.5 Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.6 Oil and Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.7 Oil Reserve Replacement Ratio, Annual… 136
16.11.8 Gas Reserve Replacement Ratio, Annual… 136
16.11.9 Oil & Gas Reserve Replacement Ratio, Annual… 136
16.11.10 Oil and Gas F&D Reserve Replacement Ratio, Annual… 136
16.11.11 Oil F&D Reserve Replacement Ratio, Annual… 136
16.11.12 Gas F&D Reserve Replacement Ratio, Annual… 137
16.11.13 Oil and Gas F&D Reserve Replacement Ratio (Excluding Revisions),
Annual… 137
16.11.14 Oil F&D Reserve Replacement Ratio (Excluding Revisions), Annual… 137
16.11.15 Gas F&D Reserve Addition Production Replacement (Excluding Revisions),
Annual… 137
16.12 Costs Incurred in Oil and Gas Operations… 138
16.12.1 Proved Property Acquisitions Costs… 138
16.12.2 Unproved Property Acquisitions Costs… 138
16.12.3 Total Acquisition Costs… 138
16.12.4 Exploration Costs… 138
16.12.5 Development Costs… 138
16.12.6 Exploration & Development Costs… 139
16.12.7 Total Costs Incurred From Upstream Oil & Gas Operations,
Excluding Cumulative AROC… 139
16.12.8 Total Costs Incurred From Upstream Oil & Gas Operations,
Including Cumulative AROC… 139
16.12.9 Finding & Development Costs Incurred… 140
16.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual… 140
16.12.11 Reserve Replacement Cost per boe, Annual… 140
16.12.12 Oil & Gas Finding & Development Cost/boe, Annual… 140
16.12.13 Oil & Gas Finding Cost per boe, Annual… 140
16.12.14 Proved Reserve Acquisition Costs, Annual… 141
16.12.15 Proved Reserves Acquisition Cost per boe, Annual… 141
16.12.16 Oil & Gas Exploration Cost per boe, Annual… 141
16.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual… 141
16.13 Results of Oil and Gas Operations… 141
16.13.1 Oil & Gas Revenue… 141
16.13.2 Other Revenues From Upstream Oil & Gas Operations… 142
16.13.3 Total Revenue from Upstream Oil & Gas Operations… 142
16.13.4 Production Costs… 142
16.13.5 Lease Operating Expenses… 143
16.13.6 Production-related general and administrative expenses… 143
16.13.7 Transportation and Other Product Costs… 143
16.13.8 Taxes Other than Income… 143
16.13.9 Exploration Expenses… 144
16.13.10 Accretion of Asset Retirement Obligation Cost… 144
16.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas
Operations… 144
16.13.12 Impairments Related to Oil and Gas Properties… 144
16.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment… 145
16.13.14 Total Expenses From Upstream Oil & Gas Operations… 145
16.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations… 145
16.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations… 145
16.13.17 Net Income/ Loss From Upstream Oil & Gas Operations… 146
16.13.18 Net Income/ Loss - Equity Companies From Upstream Oil & Gas
Operations… 146
16.13.19 Net Income Margin from Upstream Oil & Gas Operations… 146
16.13.20 Lifting Costs… 146
16.13.21 Net-back Margin, Annual - From Upstream Oil & Gas Operations… 147
16.14 Results of Oil & Gas Operations Per Oil & Gas Produced… 147
16.14.1 Oil & Gas Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.2 Total Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.3 Exploration Expenses per boe - From Upstream Oil & Gas Operations… 147
16.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding
Impairment… 148
16.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including
Impairment… 148
16.14.6 Other Costs (Income) per boe From Upstream Oil & Gas
OperationsUnit: $/boe… 148
16.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas
Operation… 148
16.14.8 Net Income per boe, Annual - From Upstream Oil & Gas Operations… 148
16.14.9 Cash Flow per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.10 Net-back per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.11 Lifting Cost per boe, Annual… 149
16.14.12 Recycle Ratio… 149
16.14.13 Free Cash Flow from Upstream Oil & Gas Operations… 149
16.15 Units of Measure… 150

List of Tables

1.1 List of Tables
Table 1: Leading Oil & Gas National Oil Companies, Key Player’s Total Oil & Gas
Reserves, MMboe , 2011… 11
Table 2: Operational Performance Weighted Score and Rank, 2011… 12
Table 3: Operational Performance Comparison: Reserves Metrics… 13
Table 4: Operational Performance Comparison: Production Metrics… 14
Table 5: Operational Performance Comparison: Costs Incurred Metrics… 14
Table 6: Operational Performance Comparison: Results of Oil & Gas Operations
Metrics… 14
Table 7: Financial Performance Pillars… 15
Table 8: Financial Performance Weighted Score and Rank, 2011… 16
Table 9: Operational Performance Weighted Score, 2011… 18
Table 10: Financial Performance Weighted Score,2011… 19
Table 11:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas Reserves, 
MMboe , 2007-2011… 21
Table 12: Leading Oil & Gas National Oil Companies, Oil Reserves as % of Total
Reserves, %, 2007-2011… 22
Table 13: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves Life Index,
Years, 2011… 23
Table 14: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves
Growth, %, 2011… 24
Table 15:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2007-2011… 25
Table 16: Leading Oil & Gas National Oil Companies, Oil Production, MMbbl,
2007-2011… 26
Table 17: Leading Oil & Gas National Oil Companies, Gas Production, Bcf,
2007-2011… 27
Table 18:  Leading Oil & Gas National Oil Companies, Total Oil & Gas Production,
MMboe , 2007-2011… 28
Table 19:  Leading Oil & Gas National Oil Companies, Oil Production as % of Total
Production, %, 2007-2011… 29
Table 20:  Leading Oil & Gas National Oil Companies, Oil & Gas Production
Growth, %,  2007- 2011… 30
Table 21:  Leading Oil & Gas National Companies, Reserve Replacement Cost per boe,
Annual, 2007-2011… 31
Table 22:  Leading Oil & Gas National Oil Companies, Total Costs Incurred Incurred
From Upstream Oil & Gas Operation, 2007-2011… 32
Table 23: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Table 24:  Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2007-2011… 34
Table 25: Leading Oil & Gas National Oil Companies, DDA (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Table 26:  Leading Oil & Gas National Oil Companies, Total Operating
Revenue, $ Million,  2007-2011… 37
Table 27: Leading Oil & gas National Oil Companies, Net Income, $ Million,
2007-2011… 38
Table 28: Leading Oil & Gas National Oil Companies, Cash Flow from Operations,
$ Million, 2007-2011… 39
Table 29:  Leading Oil & Gas National Oil Companies, Cash Flow from
Operations/Total Oil & Gas Production, $/boe, 2007-2011… 40
Table 30: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2007-2011… 41
Table 31: Leading Oil & Gas National Oil Companies, EBITDAX Margin, %,
2007-2011… 42
Table 32: Leading Oil & Gas National Oil Companies, Net Income Margin, %,
2007-2011… 43
Table 33: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2007-2011… 44
Table 34: Leading Oil & Gas National Oil Companies, Capex/Cash Flow, x,
2007-2011… 46
Table 35: China Petroleum & Chemical Corporation, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 48
Table 36: China Petroleum & Chemical Corporation, Oil Reserves Metrics,
MMbbl, 2007-2011… 49
Table 37: China Petroleum & Chemical Corporation, Gas Reserves Metrics,
Bcf, 2007-2011… 49
Table 38: China Petroleum & Chemical Corporation, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 49
Table 39: China Petroleum & Chemical Corporation, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 50
Table 40: China Petroleum & Chemical Corporation, Reserve Replacement Ratio
Metrics,%, 2007-2011… 50
Table 41: China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 51
Table 42:  China Petroleum & Chemical Corporation, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 52
Table 43: China Petroleum & Chemical Corporation, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007-2011… 54
Table 44: CNOOC Limited., Total Oil & Gas Reserves Metrics, MMboe , 2007-2011… 56
Table 45: CNOOC Limited., Oil Reserves Metrics, MMbbl, 2007-2011… 57
Table 46: CNOOC Limited., Gas Reserves Metrics, Bcf, 2007-2011… 57
Table 47: CNOOC Limited., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 57
Table 48: CNOOC Limited., Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 58
Table 49: CNOOC Limited., Reserve Replacement Ratio Metrics,%, 2007-2011… 58
Table 50: CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 59
Table 51:  CNOOC Limited., F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 60
Table 52: CNOOC Limited., Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 62
Table 53: OAO Gazprom., Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 64
Table 54: OAO Gazprom.,Oil Reserves Metrics, MMbbl, 2007-2011… 64
Table 55: OAO Gazprom., Gas Reserves Metrics, Bcf, 2007-2011… 65
Table 56: OAO Gazprom., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 65
Table 57:  OAO Gazprom., Oil & Gas Production (Reserves Reconciliation) Metrics,
2007-2011… 65
Table 58: OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, $ Million,
2007-2011… 66
Table 59: Oil and Natural Gas Corporation Limited, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 70
Table 60: Oil and Natural Gas Corporation Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 70
Table 61: Oil and Natural Gas Corporation Limited, Gas Reserves Metrics, Bcf,
2007-2011… 71
Table 62: Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 71
Table 63:  Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics,  2007-2011… 71
Table 64: Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio
Metrics,%, 2007-2011… 72
Table 65:  Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 73
Table 66:  Oil and Natural Gas Corporation Limited, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 73
Table 67: Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe,  2007-2011… 74
Table 68: OJSC Rosneft Oil Company.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 76
Table 69: OJSC Rosneft Oil Company., Oil Reserves Metrics, MMbbl, 2007-2011… 76
Table 70: OJSC Rosneft Oil Company., Gas Reserves Metrics, Bcf, 2007-2011… 77
Table 71: OJSC Rosneft Oil Company., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 77
Table 72: OJSC Rosneft Oil Company.,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 77
Table 73: OJSC Rosneft Oil Company., Reserve Replacement Ratio Metrics,%,
2007-2011… 78
Table 74: OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 79
Table 75:    OJSC Rosneft Oil Company.,F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration     Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe,    2007-2011… 80
Table 76: OJSC Rosneft Oil Company., Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 82
Table 77: PetroChina Company Limited, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 84
Table 78: PetroChina Company Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 85
Table 79: PetroChina Company Limited, Gas Reserves Metrics, Bcf,
2007-2011… 85
Table 80: PetroChina Company Limited, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 85
Table 81:  PetroChina Company Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 86
Table 82: PetroChina Company Limited, Reserve Replacement Ratio Metrics,%,
2007-2011… 86
Table 83:  PetroChina Company Limited, Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 87
Table 84:  PetroChina Company Limited, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 88
Table 85:  PetroChina Company Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007- 2011… 90
Table 86: Petroleo Brasileiro S.A.,  Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 92
Table 87: Petroleo Brasileiro S.A.,  Oil Reserves Metrics, MMbbl, 2007-2011… 93
Table 88: Petroleo Brasileiro S.A.,  Gas Reserves Metrics, Bcf, 2007-2011… 93
Table 89: Petroleo Brasileiro S.A., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 93
Table 90: Petroleo Brasileiro S.A.,  Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 94
Table 91: Petroleo Brasileiro S.A.,  Reserve Replacement Ratio
Metrics,%, 2007-2011… 94
Table 92: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 95
Table 93 Petroleo Brasileiro S.A.,  F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 96
Table 94: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 98
Table 95: Petroleos de Venezuela S.A.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 100
Table 96: Petroleos de Venezuela S.A., Oil Reserves Metrics, MMbbl,
2007-2011… 100
Table 97: Petroleos de Venezuela S.A., Gas Reserves Metrics,Bcf,
2007-2011… 101
Table 98: Petroleos de Venezuela S.A., Oil & Gas Production (Sales Volume)
Metrics, 2007-2011… 101
Table 99: Petroleos de Venezuela S.A., Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 101
Table 100: Petroleos de Venezuela S.A., Reserve Replacement Ratio
Metrics,%, 2007-2011… 102
Table 101: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations
Metrics, $ Million,  2007-2011… 103
Table 102: Petroleos de Venezuela S.A., F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 104
Table 103: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Per
boe Metrics, $/boe, 2007-2011… 106
Table 104: Petroleos Mexicanos,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 108
Table 105: Petroleos Mexicanos, Oil Reserves Metrics, MMbbl, 2007-2011… 108
Table 106: Petroleos Mexicanos, Gas Reserves Metrics, Bcf, 2007-2011… 109
Table 107: Petroleos Mexicanos, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 109
Table 108: Petroleos Mexicanos, Oil & Gas Production (Reserves Reconciliation)
Metrics,  2007-2011… 109
Table 109: Petroleos Mexicanos, Reserve Replacement Ratio Metrics,%,
2007-2011… 110
Table 110: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 111
Table 111: Petroleos Mexicanos, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 112
Table 112: Petroleos Mexicanos, Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 114
Table 113: Statoil ASA, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 116
Table 114: Statoil ASA, Oil Reserves Metrics, MMbbl, 2007-2011… 117
Table 115: Statoil ASA, Gas Reserves Metrics, MMbbl, 2007-2011… 117
Table 116: Statoil ASA, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 117
Table 117: Statoil ASA,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 118
Table 118: Statoil ASA, Reserve Replacement Ratio Metrics,%, 2007-2011… 118
Table 119: Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 119
Table 120: Statoil ASA, F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 120
Table 121: Statoil ASA, Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 122

List of Figures


1.2 List of Figures
Figure 1: Leading Oil & Gas National Oil Companies, Overall Score Comparison,
2011… 17
Figure 2:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas
Reserves,  MMboe , 2011… 20
Figure 3:  Leading Oil & Gas National OIl Companies, Oil
Reserves as % of Total Reserves %, 2011… 22
Figure 4: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Life Index, Years, 2011… 23
Figure 5: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Growth, %, 2011… 24
Figure 6:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2011… 25
Figure 7: Leading Oil & Gas National Oil Companies, Oil Production,
MMbbl, 2011… 26
Figure 8: Leading Oil & Gas National Oil Companies, Gas Production,
Bcf, 2011… 27
Figure 9: Leading Oil & Gas National Oil Companies, Total Oil & Gas
Production, MMboe , 2011… 28
Figure 10: Leading Oil & Gas National Oil Companies, Oil Production
as % of Total Production, %, 2011… 29
Figure 11: Leading Oil & Gas National Companies, Oil & Gas Production
Growth, %, 2011… 30
Figure 12: Leading Oil & Gas National Oil Companies, Reserve Replacement
Cost per boe,  Annual, $/boe, 2011… 31
Figure 13: Leading Oil & Gas National Companies, Total Costs Incurred From
Upstream Oil & Gas  Operation, 2011… 32
Figure 14: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Figure 15: Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2011… 34
Figure 16: Leading Oil & gas National Oil Companies, DD&A (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Figure 17: Leading Oil & Gas National Oil Companies, Total Operating Revenue,
$ Million, 2011… 36
Figure 18: Leading Oil & Gas National Oil Companies, Net Income, $ Million,
2011… 38
Figure 19: Leading Oil & Gas National Oil Companies, Cash Flow from Operation,
$ Million, 2011… 39
Figure 20: Leading Oil & Gas National Oil Companies, Cash Flow from Operations
per boe, $/boe, 2011… 40
Figure 21: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2011… 41
Figure 22: Leading Oil & Gas National Oil Companies, EBITDAX
Margin, %,
2011… 42
Figure 23: Leading Oil & Gas National Oil Companies, Net Income
Margin, %, 2011… 43
Figure 24: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2011… 44
Figure 25: Leading Oil & Gas National Oil Companies, Asset Turnover
Ratio, x, 2011… 45
Figure 26: Leading Oil & Gas National Oil Companies, Capex/Cash Flow,
x, 2011… 46
Figure 27: China Petroleum & Chemical Corporation , Overall Rank & Score,
2011… 47
Figure 28: China Petroleum & Chemical Corporation, Reserves & Production
Metrics, 2007-2011… 48
Figure 29: China Petroleum & Chemical Corporation, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 51
Figure 30: China Petroleum & Chemical Corporation, Results of Oil & Gas
Operations Metrics, 2007-2011… 53
Figure 31: CNOOC Limited., Overall Rank & Score, 2011… 55
Figure 32: CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
Figure 33: CNOOC Limited., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 59
Figure 34: CNOOC Limited., Results of Oil & Gas Operations Metrics,
2007-2011… 61
Figure 35: OAO Gazprom., Overall Rank & Score, 2011… 63
Figure 36: OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
Figure 37: OAO Gazprom., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 66
Figure 38: OAO Gazprom., Results of Oil & Gas Operations Metrics,
2007-2011… 68
Figure 39: Oil and Natural Gas Corporation Limited, Overall
Rank & Score, 2011… 69
Figure 40: Oil and Natural Gas Corporation Limited, Reserves & Production
Metrics, 2007-2011… 70
Figure 41: Oil and Natural Gas Corporation Limited, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 73
Figure 42: Oil and Natural Gas Corporation Limited, Results of Oil & Gas
Operations Metrics, 2007-2011… 74
Figure 43: OJSC Rosneft Oil Company., Overall Rank & Score, 2011… 75
Figure 44: OJSC Rosneft Oil Company., Reserves & Production Metrics,
2007-2011… 76
Figure 45: OJSC Rosneft Oil Company., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 79
Figure 46: OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
Figure 47: PetroChina Company Limited, Overall Rank & Score, 2011… 83
Figure 48: PetroChina Company Limited, Reserves & Production Metrics,
2007-2011… 84
Figure 49: PetroChina Company Limited, Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 87
Figure 50: PetroChina Company Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 89
Figure 51: Petroleo Brasileiro S.A., Overall Rank & Score, 2011… 91
Figure 52: Petroleo Brasileiro S.A.,  Reserves & Production Metrics,
2007-2011… 92
Figure 53: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 95
Figure 54: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
Figure 55: Petroleos de Venezuela S.A., Overall Rank & Score, 2011… 99
Figure 56: Petroleos de Venezuela S.A., Reserves & Production Metrics,
2007-2011… 100
Figure 57: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 103
Figure 58: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
Figure 59: Petroleos Mexicanos, Overall Rank & Score, 2011… 107
Figure 60 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
Figure 61: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 111
Figure 62: Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
Figure 63: Statoil ASA, Overall Rank & Score, 2011… 115
Figure 64: Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
Figure 65: Statoil ASA, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 119
Figure 66: Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121


Summary

"Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental
Analysis and Benchmarking-2012" is the latest report from this, 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, capital expenditures, performance metrics, results of oil and
gas operations and valuation metrics.

Proved oil and gas Reserves of the Leading Oil & Gas National Oil Companies
increased in 2011, up from 532.55 billion barrels of oil equivalent (boe) in
2010 to 538.24 billion boe in 2011. Petroleos de Venezuela S.A. had the
highest proved oil and gas reserves of 330,110 MMboe among the Leading
Oil & Gas National Oil Companies. The total cost incurred by Leading Oil & Gas
National Oil Companies was $153 billion in 2011, decrease by 16.2% from the
previous year.

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, valuation metrics and results of
oil and gas operations.
- Provides annual information on key operational and financial parameters for
the period 2007 to 2011.
- Benchmarks Leading Oil & Gas National Oil Companies on operational and
financial parameters.
- Companies covered include; China Petroleum & Chemical Corporation, CNOOC Limited,
OAO Gazprom, Oil and Natural Gas Corporation Limited, OJSC Rosneft Oil Company,
PetroChina Company Limited, Petroleo Brasileiro S.A., Petroleos de Venezuela S.A.,
- Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental
Analysis and Benchmarking report is based on publicly available data filed with
the U S Securities and Exchange Commission (SEC) and other similar agencies 
worldwide.This has then been analyzed by this 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.


Price

Single User Price : $3,995
Site License Price : $7,990
Enterprisewide Price (Global Site License) : $11,985


Disclaimer
All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted
in any form by any means, electronic, mechanical, photocopying, recording or otherwise,
without the prior permission of the publisher.

The facts of this report are believed to be correct at the time of publication but cannot be
guaranteed. Please note that the findings, conclusions and recommendations that the
publisher delivers will be based on information gathered in good faith from both primary
and secondary sources, whose accuracy we are not always in a position to guarantee.
As such the publisher accept no liability whatever for actions taken based on any
information that may subsequently prove to be incorrect.

To order this report, please send an email to mail@worldoils.com
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Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
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Equipment ID   : 1570
Equipment name   : Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
Category   : Research Reports
Specifications   : Name of the Report :
Leading Oil & Gas National Oil Companies- Financial & Operational
Fundamental Analysis and Benchmarking-2012


Published Date : 31-Oct-2012
No. of pages : 151

Table of Contents

1 Table of contents
1 Table of contents… 2
1.1 List of Tables… 6
1.2 List of Figures… 9
2 Benchmarking Methodology… 11
2.1 Company Assessing Pillars… 11
2.1.1 Operational pillar… 12
2.1.2 Financial Performance pillar… 15
3 Leading Oil & Gas National Oil Companies, Overall Scores… 17
4 Leading Oil & Gas National Oil Companies, Operational Performance… 20
4.1 Leading Oil & Gas National Oil Companies, Operational Performance: Reserves
Metrics… 20
4.1.1 Total Proved Oil & Gas Reserves, 2007-2011… 20
4.1.2 Oil Reserves as % of Total Reserves, 2007-2011… 22
4.1.3 Oil & Gas Reserves Life Index, 2007-2011… 23
4.1.4 Oil & Gas Reserves Growth, 2007-2011… 24
4.1.5 Reserves Replacement Ratio (Including Sales), 2007-2011… 25
4.2 Leading Oil & Gas National Oil Companies, Operational Performance: Production
Metrics… 26
4.2.1 Oil Production, 2007-2011… 26
4.2.2 Gas Production, 2007-2011… 27
4.2.3 Total Oil & Gas Production, 2007-2011… 28
4.2.4 Oil as % of Total Production, 2007-2011… 29
4.2.5 Total Oil & Gas Production Growth, 2007-2011… 30
4.3 Leading Oil & Gas National Oil Companies, Operational Performance: Costs
Incurred Metrics… 31
4.3.1 Reserve Replacement Cost per boe, 2007-2011… 31
4.3.2 Total Costs Inccured from Upstream Oil & Gas Operations, 2007-2011… 32
4.3.3 Total Oil & Gas Capital Expenditure Growth, %… 33
4.4 Leading Oil & Gas National Oil Companies, Operational Performance: Results
of Oil & Gas Operations Metrics… 34
4.4.1 Oil & Gas Revenue per boe, 2007-2011… 34
4.4.2 DD&A (Including Impairment), From Upstream Oil and Gas Operations, $/boe… 35
5 Leading Oil & Gas National Oil Companies, Financial Performance… 36
5.1 Leading Oil & Gas National Oil Companies, Financial Performance: Financial
Metrics… 36
5.1.1 Total Operating Revenue, 2007-2011… 36
5.1.2 Net Income, 2007-2011… 38
5.1.3 Cash Flow from Operations, 2007-2011… 39
5.1.4 Cash flow From Operations per boe, $/Boe, 2007-2011… 40
5.1.5 Net Debt to Equity, 2007-2011… 41
5.1.6 EBITDAX Margin, 2007-2011… 42
5.1.7 Net Income Margin, 2007-2011… 43
5.1.8 Return on Average Equity, 2007-2011… 44
5.1.9 Asset Turnover Ratio, 2007-2010… 45
5.1.10 Capex/Cash Flow, 2007-2011… 46
6 China Petroleum & Chemical Corporation… 47
6.1 China Petroleum & Chemical Corporation Company’s Overall Rating… 47
6.2 China Petroleum & Chemical Corporation, Reserves & Production Metrics,
2007-2011… 48
6.3 China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 51
6.4 China Petroleum & Chemical Corporation, Results of Oil & Gas Operations Metrics,
2007-2011… 53
7 CNOOC Limited., Operational Statistics, 2007-2011… 55
7.1 CNOOC Limited., Company’s Overall Rating… 55
7.2 CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
7.3 CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 59
7.4 CNOOC Limited., Results of Oil & Gas Operations Metrics, 2007-2011… 61
8 OAO Gazprom., Operational Statistics, 2007-2011… 63
8.1 OAO Gazprom., Company’s Overall Rating… 63
8.2 OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
8.3 OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 66
8.4 OAO Gazprom., Results of Oil & Gas Operations Metrics, 2007-2011… 68
9 Oil and Natural Gas Corporation Limited, Operational Statistics, 2007-2011… 69
9.1 Oil and Natural Gas Corporation Limited, Company’s Overall Rating… 69
9.2 Oil and Natural Gas Corporation Limited, Reserves & Production Metrics,
2007-2011… 70
9.3 Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 73
9.4 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 74
10 OJSC Rosneft Oil Company., Operational Statistics, 2007-2011… 75
10.1 OJSC Rosneft Oil Company., Company’s Overall Rating… 75
10.2 OJSC Rosneft Oil Company., Reserves & Production Metrics, 2007-2011… 76
10.3 OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 79
10.4 OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
11 PetroChina Company Limited, Operational Statistics, 2007-2011… 83
11.1 PetroChina Company Limited, Company’s Overall Rating… 83
11.2 PetroChina Company Limited, Reserves & Production Metrics, 2007-2011… 84
11.3 PetroChina Company Limited, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 87
11.4 PetroChina Company Limited, Results of Oil & Gas Operations Metrics, 
2007-2011… 89
12 Petroleo Brasileiro S.A., Operational Statistics, 2007-2011… 91
12.1 Petroleo Brasileiro S.A., Company’s Overall Rating… 91
12.2 Petroleo Brasileiro S.A.,  Reserves & Production Metrics, 2007-2011… 92
12.3 Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations Metrics, 
2007-2011… 95
12.4 Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
13 Petroleos de Venezuela S.A., Operational Statistics, 2007-2011… 99
13.1 Petroleos de Venezuela S.A., Company’s Overall Rating… 99
13.2 Petroleos de Venezuela S.A., Reserves & Production Metrics, 2007-2011… 100
13.3 Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 103
13.4 Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
14 Petroleos Mexicanos, Operational Statistics, 2007-2011… 107
14.1 Petroleos Mexicanos, Company’s Overall Rating… 107
14.2 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
14.3 Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 111
14.4 Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
15 Statoil ASA, Operational Statistics, 2007-2011… 115
15.1 Statoil ASA, Company’s Overall Rating… 115
15.2 Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
15.3 Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 119
15.4 Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121
16.8 Total Oil and Gas Reserves… 125
16.8.1 Oil Revisions… 125
16.8.2 Oil Extensions & Discoveries… 125
16.8.3 Oil Improved Recovery… 125
16.8.4 Oil Purchases… 125
16.8.5 Oil Sales… 126
16.8.6 Oil Other Reserves Changes… 126
16.8.7 Oil Reserves, End of Period… 126
16.8.8 Gas Reserves, Beginning of Period… 126
16.8.9 Gas Revisions… 127
16.8.10 Gas Extensions & Discoveries… 127
16.8.11 Gas Improved Recovery… 127
16.8.12 Gas Purchases… 127
16.8.13 Gas Sales… 127
16.8.14 Gas Other Reserves Changes… 127
16.8.15 Gas Reserves, End of Period… 127
16.8.16 Total Oil & Gas Reserves, Beginning of Period… 128
16.8.17 Oil & Gas Revisions… 128
16.8.18 Oil & Gas Extensions & Discoveries… 128
16.8.19 Oil & Gas Improved Recovery… 129
16.8.20 Oil & Gas Purchases… 129
16.8.21 Oil & Gas Sales… 129
16.8.22 Oil & Gas Other Reserves Changes… 129
16.8.23 Total Oil & Gas Reserves, End of Period… 129
16.8.24 Gas Reserves as % of Total Oil & Gas Reserves… 130
16.8.25 Oil Reserves as % of Total Oil & Gas Reserves… 130
16.8.26 Oil Reserve Additions (All Source, Excluding Sales)… 130
16.8.27 Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.28 Oil & Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.29 Oil Finding & Development Reserve Additions… 130
16.8.30 Gas Finding & Development Reserve Additions… 131
16.8.31 Oil & Gas Finding & Development Reserve Additions… 131
16.8.32 Oil & Gas Finding Reserve Additions, Annual… 131
16.9 Reserve Life… 131
16.9.1 Oil Reserve Life Index… 131
16.9.2 Gas Reserve Life Index… 131
16.9.3 Oil & Gas Reserve Life Index… 131
16.10 Total Oil and Gas production… 132
16.10.1 Oil Production… 132
16.10.2 Oil Production (Reserves Reconciliation)… 132
16.10.3 Gas Production… 132
16.10.4 Gas Production (Reserves Reconciliation)… 133
16.10.5 Total Oil & Gas Production… 133
16.10.6 Total Oil & Gas Production (Reserves Reconciliation)… 133
16.10.7 Daily Oil/Liquid Production Rate (Reserves Reconciliation)… 133
16.10.8 Daily Gas Production Rate (Reserves Reconciliation)… 133
16.10.9 Oil Production as % of Total Oil & Gas Production… 134
16.10.10 Average Daily Oil Production… 134
16.10.11 Average Daily Gas Production… 134
16.10.12 Average Daily Oil & Gas Production (Mboe/d)… 134
16.10.13 Daily Oil & Gas Production Rate (MMcfe/d)… 134
16.10.14 Production Growth (Year over Year)… 135
16.11 Reserve Replacement Ratio… 135
16.11.1 Oil Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.2 Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.4 Oil Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.5 Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.6 Oil and Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.7 Oil Reserve Replacement Ratio, Annual… 136
16.11.8 Gas Reserve Replacement Ratio, Annual… 136
16.11.9 Oil & Gas Reserve Replacement Ratio, Annual… 136
16.11.10 Oil and Gas F&D Reserve Replacement Ratio, Annual… 136
16.11.11 Oil F&D Reserve Replacement Ratio, Annual… 136
16.11.12 Gas F&D Reserve Replacement Ratio, Annual… 137
16.11.13 Oil and Gas F&D Reserve Replacement Ratio (Excluding Revisions),
Annual… 137
16.11.14 Oil F&D Reserve Replacement Ratio (Excluding Revisions), Annual… 137
16.11.15 Gas F&D Reserve Addition Production Replacement (Excluding Revisions),
Annual… 137
16.12 Costs Incurred in Oil and Gas Operations… 138
16.12.1 Proved Property Acquisitions Costs… 138
16.12.2 Unproved Property Acquisitions Costs… 138
16.12.3 Total Acquisition Costs… 138
16.12.4 Exploration Costs… 138
16.12.5 Development Costs… 138
16.12.6 Exploration & Development Costs… 139
16.12.7 Total Costs Incurred From Upstream Oil & Gas Operations,
Excluding Cumulative AROC… 139
16.12.8 Total Costs Incurred From Upstream Oil & Gas Operations,
Including Cumulative AROC… 139
16.12.9 Finding & Development Costs Incurred… 140
16.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual… 140
16.12.11 Reserve Replacement Cost per boe, Annual… 140
16.12.12 Oil & Gas Finding & Development Cost/boe, Annual… 140
16.12.13 Oil & Gas Finding Cost per boe, Annual… 140
16.12.14 Proved Reserve Acquisition Costs, Annual… 141
16.12.15 Proved Reserves Acquisition Cost per boe, Annual… 141
16.12.16 Oil & Gas Exploration Cost per boe, Annual… 141
16.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual… 141
16.13 Results of Oil and Gas Operations… 141
16.13.1 Oil & Gas Revenue… 141
16.13.2 Other Revenues From Upstream Oil & Gas Operations… 142
16.13.3 Total Revenue from Upstream Oil & Gas Operations… 142
16.13.4 Production Costs… 142
16.13.5 Lease Operating Expenses… 143
16.13.6 Production-related general and administrative expenses… 143
16.13.7 Transportation and Other Product Costs… 143
16.13.8 Taxes Other than Income… 143
16.13.9 Exploration Expenses… 144
16.13.10 Accretion of Asset Retirement Obligation Cost… 144
16.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas
Operations… 144
16.13.12 Impairments Related to Oil and Gas Properties… 144
16.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment… 145
16.13.14 Total Expenses From Upstream Oil & Gas Operations… 145
16.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations… 145
16.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations… 145
16.13.17 Net Income/ Loss From Upstream Oil & Gas Operations… 146
16.13.18 Net Income/ Loss - Equity Companies From Upstream Oil & Gas
Operations… 146
16.13.19 Net Income Margin from Upstream Oil & Gas Operations… 146
16.13.20 Lifting Costs… 146
16.13.21 Net-back Margin, Annual - From Upstream Oil & Gas Operations… 147
16.14 Results of Oil & Gas Operations Per Oil & Gas Produced… 147
16.14.1 Oil & Gas Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.2 Total Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.3 Exploration Expenses per boe - From Upstream Oil & Gas Operations… 147
16.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding
Impairment… 148
16.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including
Impairment… 148
16.14.6 Other Costs (Income) per boe From Upstream Oil & Gas
OperationsUnit: $/boe… 148
16.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas
Operation… 148
16.14.8 Net Income per boe, Annual - From Upstream Oil & Gas Operations… 148
16.14.9 Cash Flow per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.10 Net-back per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.11 Lifting Cost per boe, Annual… 149
16.14.12 Recycle Ratio… 149
16.14.13 Free Cash Flow from Upstream Oil & Gas Operations… 149
16.15 Units of Measure… 150

List of Tables

1.1 List of Tables
Table 1: Leading Oil & Gas National Oil Companies, Key Player’s Total Oil & Gas
Reserves, MMboe , 2011… 11
Table 2: Operational Performance Weighted Score and Rank, 2011… 12
Table 3: Operational Performance Comparison: Reserves Metrics… 13
Table 4: Operational Performance Comparison: Production Metrics… 14
Table 5: Operational Performance Comparison: Costs Incurred Metrics… 14
Table 6: Operational Performance Comparison: Results of Oil & Gas Operations
Metrics… 14
Table 7: Financial Performance Pillars… 15
Table 8: Financial Performance Weighted Score and Rank, 2011… 16
Table 9: Operational Performance Weighted Score, 2011… 18
Table 10: Financial Performance Weighted Score,2011… 19
Table 11:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas Reserves, 
MMboe , 2007-2011… 21
Table 12: Leading Oil & Gas National Oil Companies, Oil Reserves as % of Total
Reserves, %, 2007-2011… 22
Table 13: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves Life Index,
Years, 2011… 23
Table 14: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves
Growth, %, 2011… 24
Table 15:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2007-2011… 25
Table 16: Leading Oil & Gas National Oil Companies, Oil Production, MMbbl,
2007-2011… 26
Table 17: Leading Oil & Gas National Oil Companies, Gas Production, Bcf,
2007-2011… 27
Table 18:  Leading Oil & Gas National Oil Companies, Total Oil & Gas Production,
MMboe , 2007-2011… 28
Table 19:  Leading Oil & Gas National Oil Companies, Oil Production as % of Total
Production, %, 2007-2011… 29
Table 20:  Leading Oil & Gas National Oil Companies, Oil & Gas Production
Growth, %,  2007- 2011… 30
Table 21:  Leading Oil & Gas National Companies, Reserve Replacement Cost per boe,
Annual, 2007-2011… 31
Table 22:  Leading Oil & Gas National Oil Companies, Total Costs Incurred Incurred
From Upstream Oil & Gas Operation, 2007-2011… 32
Table 23: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Table 24:  Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2007-2011… 34
Table 25: Leading Oil & Gas National Oil Companies, DDA (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Table 26:  Leading Oil & Gas National Oil Companies, Total Operating
Revenue, $ Million,  2007-2011… 37
Table 27: Leading Oil & gas National Oil Companies, Net Income, $ Million,
2007-2011… 38
Table 28: Leading Oil & Gas National Oil Companies, Cash Flow from Operations,
$ Million, 2007-2011… 39
Table 29:  Leading Oil & Gas National Oil Companies, Cash Flow from
Operations/Total Oil & Gas Production, $/boe, 2007-2011… 40
Table 30: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2007-2011… 41
Table 31: Leading Oil & Gas National Oil Companies, EBITDAX Margin, %,
2007-2011… 42
Table 32: Leading Oil & Gas National Oil Companies, Net Income Margin, %,
2007-2011… 43
Table 33: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2007-2011… 44
Table 34: Leading Oil & Gas National Oil Companies, Capex/Cash Flow, x,
2007-2011… 46
Table 35: China Petroleum & Chemical Corporation, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 48
Table 36: China Petroleum & Chemical Corporation, Oil Reserves Metrics,
MMbbl, 2007-2011… 49
Table 37: China Petroleum & Chemical Corporation, Gas Reserves Metrics,
Bcf, 2007-2011… 49
Table 38: China Petroleum & Chemical Corporation, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 49
Table 39: China Petroleum & Chemical Corporation, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 50
Table 40: China Petroleum & Chemical Corporation, Reserve Replacement Ratio
Metrics,%, 2007-2011… 50
Table 41: China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 51
Table 42:  China Petroleum & Chemical Corporation, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 52
Table 43: China Petroleum & Chemical Corporation, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007-2011… 54
Table 44: CNOOC Limited., Total Oil & Gas Reserves Metrics, MMboe , 2007-2011… 56
Table 45: CNOOC Limited., Oil Reserves Metrics, MMbbl, 2007-2011… 57
Table 46: CNOOC Limited., Gas Reserves Metrics, Bcf, 2007-2011… 57
Table 47: CNOOC Limited., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 57
Table 48: CNOOC Limited., Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 58
Table 49: CNOOC Limited., Reserve Replacement Ratio Metrics,%, 2007-2011… 58
Table 50: CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 59
Table 51:  CNOOC Limited., F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 60
Table 52: CNOOC Limited., Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 62
Table 53: OAO Gazprom., Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 64
Table 54: OAO Gazprom.,Oil Reserves Metrics, MMbbl, 2007-2011… 64
Table 55: OAO Gazprom., Gas Reserves Metrics, Bcf, 2007-2011… 65
Table 56: OAO Gazprom., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 65
Table 57:  OAO Gazprom., Oil & Gas Production (Reserves Reconciliation) Metrics,
2007-2011… 65
Table 58: OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, $ Million,
2007-2011… 66
Table 59: Oil and Natural Gas Corporation Limited, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 70
Table 60: Oil and Natural Gas Corporation Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 70
Table 61: Oil and Natural Gas Corporation Limited, Gas Reserves Metrics, Bcf,
2007-2011… 71
Table 62: Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 71
Table 63:  Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics,  2007-2011… 71
Table 64: Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio
Metrics,%, 2007-2011… 72
Table 65:  Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 73
Table 66:  Oil and Natural Gas Corporation Limited, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 73
Table 67: Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe,  2007-2011… 74
Table 68: OJSC Rosneft Oil Company.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 76
Table 69: OJSC Rosneft Oil Company., Oil Reserves Metrics, MMbbl, 2007-2011… 76
Table 70: OJSC Rosneft Oil Company., Gas Reserves Metrics, Bcf, 2007-2011… 77
Table 71: OJSC Rosneft Oil Company., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 77
Table 72: OJSC Rosneft Oil Company.,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 77
Table 73: OJSC Rosneft Oil Company., Reserve Replacement Ratio Metrics,%,
2007-2011… 78
Table 74: OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 79
Table 75:    OJSC Rosneft Oil Company.,F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration     Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe,    2007-2011… 80
Table 76: OJSC Rosneft Oil Company., Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 82
Table 77: PetroChina Company Limited, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 84
Table 78: PetroChina Company Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 85
Table 79: PetroChina Company Limited, Gas Reserves Metrics, Bcf,
2007-2011… 85
Table 80: PetroChina Company Limited, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 85
Table 81:  PetroChina Company Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 86
Table 82: PetroChina Company Limited, Reserve Replacement Ratio Metrics,%,
2007-2011… 86
Table 83:  PetroChina Company Limited, Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 87
Table 84:  PetroChina Company Limited, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 88
Table 85:  PetroChina Company Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007- 2011… 90
Table 86: Petroleo Brasileiro S.A.,  Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 92
Table 87: Petroleo Brasileiro S.A.,  Oil Reserves Metrics, MMbbl, 2007-2011… 93
Table 88: Petroleo Brasileiro S.A.,  Gas Reserves Metrics, Bcf, 2007-2011… 93
Table 89: Petroleo Brasileiro S.A., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 93
Table 90: Petroleo Brasileiro S.A.,  Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 94
Table 91: Petroleo Brasileiro S.A.,  Reserve Replacement Ratio
Metrics,%, 2007-2011… 94
Table 92: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 95
Table 93 Petroleo Brasileiro S.A.,  F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 96
Table 94: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 98
Table 95: Petroleos de Venezuela S.A.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 100
Table 96: Petroleos de Venezuela S.A., Oil Reserves Metrics, MMbbl,
2007-2011… 100
Table 97: Petroleos de Venezuela S.A., Gas Reserves Metrics,Bcf,
2007-2011… 101
Table 98: Petroleos de Venezuela S.A., Oil & Gas Production (Sales Volume)
Metrics, 2007-2011… 101
Table 99: Petroleos de Venezuela S.A., Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 101
Table 100: Petroleos de Venezuela S.A., Reserve Replacement Ratio
Metrics,%, 2007-2011… 102
Table 101: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations
Metrics, $ Million,  2007-2011… 103
Table 102: Petroleos de Venezuela S.A., F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 104
Table 103: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Per
boe Metrics, $/boe, 2007-2011… 106
Table 104: Petroleos Mexicanos,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 108
Table 105: Petroleos Mexicanos, Oil Reserves Metrics, MMbbl, 2007-2011… 108
Table 106: Petroleos Mexicanos, Gas Reserves Metrics, Bcf, 2007-2011… 109
Table 107: Petroleos Mexicanos, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 109
Table 108: Petroleos Mexicanos, Oil & Gas Production (Reserves Reconciliation)
Metrics,  2007-2011… 109
Table 109: Petroleos Mexicanos, Reserve Replacement Ratio Metrics,%,
2007-2011… 110
Table 110: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 111
Table 111: Petroleos Mexicanos, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 112
Table 112: Petroleos Mexicanos, Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 114
Table 113: Statoil ASA, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 116
Table 114: Statoil ASA, Oil Reserves Metrics, MMbbl, 2007-2011… 117
Table 115: Statoil ASA, Gas Reserves Metrics, MMbbl, 2007-2011… 117
Table 116: Statoil ASA, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 117
Table 117: Statoil ASA,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 118
Table 118: Statoil ASA, Reserve Replacement Ratio Metrics,%, 2007-2011… 118
Table 119: Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 119
Table 120: Statoil ASA, F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 120
Table 121: Statoil ASA, Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 122

List of Figures


1.2 List of Figures
Figure 1: Leading Oil & Gas National Oil Companies, Overall Score Comparison,
2011… 17
Figure 2:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas
Reserves,  MMboe , 2011… 20
Figure 3:  Leading Oil & Gas National OIl Companies, Oil
Reserves as % of Total Reserves %, 2011… 22
Figure 4: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Life Index, Years, 2011… 23
Figure 5: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Growth, %, 2011… 24
Figure 6:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2011… 25
Figure 7: Leading Oil & Gas National Oil Companies, Oil Production,
MMbbl, 2011… 26
Figure 8: Leading Oil & Gas National Oil Companies, Gas Production,
Bcf, 2011… 27
Figure 9: Leading Oil & Gas National Oil Companies, Total Oil & Gas
Production, MMboe , 2011… 28
Figure 10: Leading Oil & Gas National Oil Companies, Oil Production
as % of Total Production, %, 2011… 29
Figure 11: Leading Oil & Gas National Companies, Oil & Gas Production
Growth, %, 2011… 30
Figure 12: Leading Oil & Gas National Oil Companies, Reserve Replacement
Cost per boe,  Annual, $/boe, 2011… 31
Figure 13: Leading Oil & Gas National Companies, Total Costs Incurred From
Upstream Oil & Gas  Operation, 2011… 32
Figure 14: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Figure 15: Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2011… 34
Figure 16: Leading Oil & gas National Oil Companies, DD&A (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Figure 17: Leading Oil & Gas National Oil Companies, Total Operating Revenue,
$ Million, 2011… 36
Figure 18: Leading Oil & Gas National Oil Companies, Net Income, $ Million,
2011… 38
Figure 19: Leading Oil & Gas National Oil Companies, Cash Flow from Operation,
$ Million, 2011… 39
Figure 20: Leading Oil & Gas National Oil Companies, Cash Flow from Operations
per boe, $/boe, 2011… 40
Figure 21: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2011… 41
Figure 22: Leading Oil & Gas National Oil Companies, EBITDAX
Margin, %,
2011… 42
Figure 23: Leading Oil & Gas National Oil Companies, Net Income
Margin, %, 2011… 43
Figure 24: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2011… 44
Figure 25: Leading Oil & Gas National Oil Companies, Asset Turnover
Ratio, x, 2011… 45
Figure 26: Leading Oil & Gas National Oil Companies, Capex/Cash Flow,
x, 2011… 46
Figure 27: China Petroleum & Chemical Corporation , Overall Rank & Score,
2011… 47
Figure 28: China Petroleum & Chemical Corporation, Reserves & Production
Metrics, 2007-2011… 48
Figure 29: China Petroleum & Chemical Corporation, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 51
Figure 30: China Petroleum & Chemical Corporation, Results of Oil & Gas
Operations Metrics, 2007-2011… 53
Figure 31: CNOOC Limited., Overall Rank & Score, 2011… 55
Figure 32: CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
Figure 33: CNOOC Limited., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 59
Figure 34: CNOOC Limited., Results of Oil & Gas Operations Metrics,
2007-2011… 61
Figure 35: OAO Gazprom., Overall Rank & Score, 2011… 63
Figure 36: OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
Figure 37: OAO Gazprom., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 66
Figure 38: OAO Gazprom., Results of Oil & Gas Operations Metrics,
2007-2011… 68
Figure 39: Oil and Natural Gas Corporation Limited, Overall
Rank & Score, 2011… 69
Figure 40: Oil and Natural Gas Corporation Limited, Reserves & Production
Metrics, 2007-2011… 70
Figure 41: Oil and Natural Gas Corporation Limited, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 73
Figure 42: Oil and Natural Gas Corporation Limited, Results of Oil & Gas
Operations Metrics, 2007-2011… 74
Figure 43: OJSC Rosneft Oil Company., Overall Rank & Score, 2011… 75
Figure 44: OJSC Rosneft Oil Company., Reserves & Production Metrics,
2007-2011… 76
Figure 45: OJSC Rosneft Oil Company., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 79
Figure 46: OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
Figure 47: PetroChina Company Limited, Overall Rank & Score, 2011… 83
Figure 48: PetroChina Company Limited, Reserves & Production Metrics,
2007-2011… 84
Figure 49: PetroChina Company Limited, Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 87
Figure 50: PetroChina Company Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 89
Figure 51: Petroleo Brasileiro S.A., Overall Rank & Score, 2011… 91
Figure 52: Petroleo Brasileiro S.A.,  Reserves & Production Metrics,
2007-2011… 92
Figure 53: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 95
Figure 54: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
Figure 55: Petroleos de Venezuela S.A., Overall Rank & Score, 2011… 99
Figure 56: Petroleos de Venezuela S.A., Reserves & Production Metrics,
2007-2011… 100
Figure 57: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 103
Figure 58: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
Figure 59: Petroleos Mexicanos, Overall Rank & Score, 2011… 107
Figure 60 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
Figure 61: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 111
Figure 62: Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
Figure 63: Statoil ASA, Overall Rank & Score, 2011… 115
Figure 64: Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
Figure 65: Statoil ASA, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 119
Figure 66: Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121


Summary

"Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental
Analysis and Benchmarking-2012" is the latest report from this, 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, capital expenditures, performance metrics, results of oil and
gas operations and valuation metrics.

Proved oil and gas Reserves of the Leading Oil & Gas National Oil Companies
increased in 2011, up from 532.55 billion barrels of oil equivalent (boe) in
2010 to 538.24 billion boe in 2011. Petroleos de Venezuela S.A. had the
highest proved oil and gas reserves of 330,110 MMboe among the Leading
Oil & Gas National Oil Companies. The total cost incurred by Leading Oil & Gas
National Oil Companies was $153 billion in 2011, decrease by 16.2% from the
previous year.

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, valuation metrics and results of
oil and gas operations.
- Provides annual information on key operational and financial parameters for
the period 2007 to 2011.
- Benchmarks Leading Oil & Gas National Oil Companies on operational and
financial parameters.
- Companies covered include; China Petroleum & Chemical Corporation, CNOOC Limited,
OAO Gazprom, Oil and Natural Gas Corporation Limited, OJSC Rosneft Oil Company,
PetroChina Company Limited, Petroleo Brasileiro S.A., Petroleos de Venezuela S.A.,
- Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental
Analysis and Benchmarking report is based on publicly available data filed with
the U S Securities and Exchange Commission (SEC) and other similar agencies 
worldwide.This has then been analyzed by this 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.


Price

Single User Price : $3,995
Site License Price : $7,990
Enterprisewide Price (Global Site License) : $11,985


Disclaimer
All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted
in any form by any means, electronic, mechanical, photocopying, recording or otherwise,
without the prior permission of the publisher.

The facts of this report are believed to be correct at the time of publication but cannot be
guaranteed. Please note that the findings, conclusions and recommendations that the
publisher delivers will be based on information gathered in good faith from both primary
and secondary sources, whose accuracy we are not always in a position to guarantee.
As such the publisher accept no liability whatever for actions taken based on any
information that may subsequently prove to be incorrect.

To order this report, please send an email to mail@worldoils.com
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Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
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Equipment ID   : 1570
Equipment name   : Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental Analysis
Category   : Research Reports
 
Specifications  :
Name of the Report :
Leading Oil & Gas National Oil Companies- Financial & Operational
Fundamental Analysis and Benchmarking-2012


Published Date : 31-Oct-2012
No. of pages : 151

Table of Contents

1 Table of contents
1 Table of contents… 2
1.1 List of Tables… 6
1.2 List of Figures… 9
2 Benchmarking Methodology… 11
2.1 Company Assessing Pillars… 11
2.1.1 Operational pillar… 12
2.1.2 Financial Performance pillar… 15
3 Leading Oil & Gas National Oil Companies, Overall Scores… 17
4 Leading Oil & Gas National Oil Companies, Operational Performance… 20
4.1 Leading Oil & Gas National Oil Companies, Operational Performance: Reserves
Metrics… 20
4.1.1 Total Proved Oil & Gas Reserves, 2007-2011… 20
4.1.2 Oil Reserves as % of Total Reserves, 2007-2011… 22
4.1.3 Oil & Gas Reserves Life Index, 2007-2011… 23
4.1.4 Oil & Gas Reserves Growth, 2007-2011… 24
4.1.5 Reserves Replacement Ratio (Including Sales), 2007-2011… 25
4.2 Leading Oil & Gas National Oil Companies, Operational Performance: Production
Metrics… 26
4.2.1 Oil Production, 2007-2011… 26
4.2.2 Gas Production, 2007-2011… 27
4.2.3 Total Oil & Gas Production, 2007-2011… 28
4.2.4 Oil as % of Total Production, 2007-2011… 29
4.2.5 Total Oil & Gas Production Growth, 2007-2011… 30
4.3 Leading Oil & Gas National Oil Companies, Operational Performance: Costs
Incurred Metrics… 31
4.3.1 Reserve Replacement Cost per boe, 2007-2011… 31
4.3.2 Total Costs Inccured from Upstream Oil & Gas Operations, 2007-2011… 32
4.3.3 Total Oil & Gas Capital Expenditure Growth, %… 33
4.4 Leading Oil & Gas National Oil Companies, Operational Performance: Results
of Oil & Gas Operations Metrics… 34
4.4.1 Oil & Gas Revenue per boe, 2007-2011… 34
4.4.2 DD&A (Including Impairment), From Upstream Oil and Gas Operations, $/boe… 35
5 Leading Oil & Gas National Oil Companies, Financial Performance… 36
5.1 Leading Oil & Gas National Oil Companies, Financial Performance: Financial
Metrics… 36
5.1.1 Total Operating Revenue, 2007-2011… 36
5.1.2 Net Income, 2007-2011… 38
5.1.3 Cash Flow from Operations, 2007-2011… 39
5.1.4 Cash flow From Operations per boe, $/Boe, 2007-2011… 40
5.1.5 Net Debt to Equity, 2007-2011… 41
5.1.6 EBITDAX Margin, 2007-2011… 42
5.1.7 Net Income Margin, 2007-2011… 43
5.1.8 Return on Average Equity, 2007-2011… 44
5.1.9 Asset Turnover Ratio, 2007-2010… 45
5.1.10 Capex/Cash Flow, 2007-2011… 46
6 China Petroleum & Chemical Corporation… 47
6.1 China Petroleum & Chemical Corporation Company’s Overall Rating… 47
6.2 China Petroleum & Chemical Corporation, Reserves & Production Metrics,
2007-2011… 48
6.3 China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 51
6.4 China Petroleum & Chemical Corporation, Results of Oil & Gas Operations Metrics,
2007-2011… 53
7 CNOOC Limited., Operational Statistics, 2007-2011… 55
7.1 CNOOC Limited., Company’s Overall Rating… 55
7.2 CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
7.3 CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 59
7.4 CNOOC Limited., Results of Oil & Gas Operations Metrics, 2007-2011… 61
8 OAO Gazprom., Operational Statistics, 2007-2011… 63
8.1 OAO Gazprom., Company’s Overall Rating… 63
8.2 OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
8.3 OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, 2007-2011… 66
8.4 OAO Gazprom., Results of Oil & Gas Operations Metrics, 2007-2011… 68
9 Oil and Natural Gas Corporation Limited, Operational Statistics, 2007-2011… 69
9.1 Oil and Natural Gas Corporation Limited, Company’s Overall Rating… 69
9.2 Oil and Natural Gas Corporation Limited, Reserves & Production Metrics,
2007-2011… 70
9.3 Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas Operations
Metrics, 2007-2011… 73
9.4 Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 74
10 OJSC Rosneft Oil Company., Operational Statistics, 2007-2011… 75
10.1 OJSC Rosneft Oil Company., Company’s Overall Rating… 75
10.2 OJSC Rosneft Oil Company., Reserves & Production Metrics, 2007-2011… 76
10.3 OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 79
10.4 OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
11 PetroChina Company Limited, Operational Statistics, 2007-2011… 83
11.1 PetroChina Company Limited, Company’s Overall Rating… 83
11.2 PetroChina Company Limited, Reserves & Production Metrics, 2007-2011… 84
11.3 PetroChina Company Limited, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 87
11.4 PetroChina Company Limited, Results of Oil & Gas Operations Metrics, 
2007-2011… 89
12 Petroleo Brasileiro S.A., Operational Statistics, 2007-2011… 91
12.1 Petroleo Brasileiro S.A., Company’s Overall Rating… 91
12.2 Petroleo Brasileiro S.A.,  Reserves & Production Metrics, 2007-2011… 92
12.3 Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations Metrics, 
2007-2011… 95
12.4 Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
13 Petroleos de Venezuela S.A., Operational Statistics, 2007-2011… 99
13.1 Petroleos de Venezuela S.A., Company’s Overall Rating… 99
13.2 Petroleos de Venezuela S.A., Reserves & Production Metrics, 2007-2011… 100
13.3 Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 103
13.4 Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
14 Petroleos Mexicanos, Operational Statistics, 2007-2011… 107
14.1 Petroleos Mexicanos, Company’s Overall Rating… 107
14.2 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
14.3 Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 111
14.4 Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
15 Statoil ASA, Operational Statistics, 2007-2011… 115
15.1 Statoil ASA, Company’s Overall Rating… 115
15.2 Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
15.3 Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
2007-2011… 119
15.4 Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121
16.8 Total Oil and Gas Reserves… 125
16.8.1 Oil Revisions… 125
16.8.2 Oil Extensions & Discoveries… 125
16.8.3 Oil Improved Recovery… 125
16.8.4 Oil Purchases… 125
16.8.5 Oil Sales… 126
16.8.6 Oil Other Reserves Changes… 126
16.8.7 Oil Reserves, End of Period… 126
16.8.8 Gas Reserves, Beginning of Period… 126
16.8.9 Gas Revisions… 127
16.8.10 Gas Extensions & Discoveries… 127
16.8.11 Gas Improved Recovery… 127
16.8.12 Gas Purchases… 127
16.8.13 Gas Sales… 127
16.8.14 Gas Other Reserves Changes… 127
16.8.15 Gas Reserves, End of Period… 127
16.8.16 Total Oil & Gas Reserves, Beginning of Period… 128
16.8.17 Oil & Gas Revisions… 128
16.8.18 Oil & Gas Extensions & Discoveries… 128
16.8.19 Oil & Gas Improved Recovery… 129
16.8.20 Oil & Gas Purchases… 129
16.8.21 Oil & Gas Sales… 129
16.8.22 Oil & Gas Other Reserves Changes… 129
16.8.23 Total Oil & Gas Reserves, End of Period… 129
16.8.24 Gas Reserves as % of Total Oil & Gas Reserves… 130
16.8.25 Oil Reserves as % of Total Oil & Gas Reserves… 130
16.8.26 Oil Reserve Additions (All Source, Excluding Sales)… 130
16.8.27 Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.28 Oil & Gas Reserve Additions (All Source, Excluding Sales)… 130
16.8.29 Oil Finding & Development Reserve Additions… 130
16.8.30 Gas Finding & Development Reserve Additions… 131
16.8.31 Oil & Gas Finding & Development Reserve Additions… 131
16.8.32 Oil & Gas Finding Reserve Additions, Annual… 131
16.9 Reserve Life… 131
16.9.1 Oil Reserve Life Index… 131
16.9.2 Gas Reserve Life Index… 131
16.9.3 Oil & Gas Reserve Life Index… 131
16.10 Total Oil and Gas production… 132
16.10.1 Oil Production… 132
16.10.2 Oil Production (Reserves Reconciliation)… 132
16.10.3 Gas Production… 132
16.10.4 Gas Production (Reserves Reconciliation)… 133
16.10.5 Total Oil & Gas Production… 133
16.10.6 Total Oil & Gas Production (Reserves Reconciliation)… 133
16.10.7 Daily Oil/Liquid Production Rate (Reserves Reconciliation)… 133
16.10.8 Daily Gas Production Rate (Reserves Reconciliation)… 133
16.10.9 Oil Production as % of Total Oil & Gas Production… 134
16.10.10 Average Daily Oil Production… 134
16.10.11 Average Daily Gas Production… 134
16.10.12 Average Daily Oil & Gas Production (Mboe/d)… 134
16.10.13 Daily Oil & Gas Production Rate (MMcfe/d)… 134
16.10.14 Production Growth (Year over Year)… 135
16.11 Reserve Replacement Ratio… 135
16.11.1 Oil Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.2 Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.3 Oil and Gas Reserve Replacement Ratio, Annual, Including Sales… 135
16.11.4 Oil Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.5 Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.6 Oil and Gas Reserve Replacement Ratio, Annual, excluding Sales… 135
16.11.7 Oil Reserve Replacement Ratio, Annual… 136
16.11.8 Gas Reserve Replacement Ratio, Annual… 136
16.11.9 Oil & Gas Reserve Replacement Ratio, Annual… 136
16.11.10 Oil and Gas F&D Reserve Replacement Ratio, Annual… 136
16.11.11 Oil F&D Reserve Replacement Ratio, Annual… 136
16.11.12 Gas F&D Reserve Replacement Ratio, Annual… 137
16.11.13 Oil and Gas F&D Reserve Replacement Ratio (Excluding Revisions),
Annual… 137
16.11.14 Oil F&D Reserve Replacement Ratio (Excluding Revisions), Annual… 137
16.11.15 Gas F&D Reserve Addition Production Replacement (Excluding Revisions),
Annual… 137
16.12 Costs Incurred in Oil and Gas Operations… 138
16.12.1 Proved Property Acquisitions Costs… 138
16.12.2 Unproved Property Acquisitions Costs… 138
16.12.3 Total Acquisition Costs… 138
16.12.4 Exploration Costs… 138
16.12.5 Development Costs… 138
16.12.6 Exploration & Development Costs… 139
16.12.7 Total Costs Incurred From Upstream Oil & Gas Operations,
Excluding Cumulative AROC… 139
16.12.8 Total Costs Incurred From Upstream Oil & Gas Operations,
Including Cumulative AROC… 139
16.12.9 Finding & Development Costs Incurred… 140
16.12.10 Finding & Development Costs as % of Total Costs Incurred, Annual… 140
16.12.11 Reserve Replacement Cost per boe, Annual… 140
16.12.12 Oil & Gas Finding & Development Cost/boe, Annual… 140
16.12.13 Oil & Gas Finding Cost per boe, Annual… 140
16.12.14 Proved Reserve Acquisition Costs, Annual… 141
16.12.15 Proved Reserves Acquisition Cost per boe, Annual… 141
16.12.16 Oil & Gas Exploration Cost per boe, Annual… 141
16.12.17 Oil & Gas F&D Cost per boe (Excluding Revision), Annual… 141
16.13 Results of Oil and Gas Operations… 141
16.13.1 Oil & Gas Revenue… 141
16.13.2 Other Revenues From Upstream Oil & Gas Operations… 142
16.13.3 Total Revenue from Upstream Oil & Gas Operations… 142
16.13.4 Production Costs… 142
16.13.5 Lease Operating Expenses… 143
16.13.6 Production-related general and administrative expenses… 143
16.13.7 Transportation and Other Product Costs… 143
16.13.8 Taxes Other than Income… 143
16.13.9 Exploration Expenses… 144
16.13.10 Accretion of Asset Retirement Obligation Cost… 144
16.13.11 Depreciation, Depletion and Amortization From Upstream Oil & Gas
Operations… 144
16.13.12 Impairments Related to Oil and Gas Properties… 144
16.13.13 DD&A From Upstream Oil & Gas Operations, Including Impairment… 145
16.13.14 Total Expenses From Upstream Oil & Gas Operations… 145
16.13.15 Profit (loss) Before Taxation From Upstream Oil & Gas Operations… 145
16.13.16 Income Tax Provision (Benefit) From Upstream Oil & Gas Operations… 145
16.13.17 Net Income/ Loss From Upstream Oil & Gas Operations… 146
16.13.18 Net Income/ Loss - Equity Companies From Upstream Oil & Gas
Operations… 146
16.13.19 Net Income Margin from Upstream Oil & Gas Operations… 146
16.13.20 Lifting Costs… 146
16.13.21 Net-back Margin, Annual - From Upstream Oil & Gas Operations… 147
16.14 Results of Oil & Gas Operations Per Oil & Gas Produced… 147
16.14.1 Oil & Gas Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.2 Total Revenue per boe - From Upstream Oil & Gas Operations… 147
16.14.3 Exploration Expenses per boe - From Upstream Oil & Gas Operations… 147
16.14.4 DD&A per boe From Upstream Oil & Gas Operations, Excluding
Impairment… 148
16.14.5 DD&A per boe From Upstream Oil & Gas Operations, Including
Impairment… 148
16.14.6 Other Costs (Income) per boe From Upstream Oil & Gas
OperationsUnit: $/boe… 148
16.14.7 Provision (Benefit) for Income Taxes per boe From Upstream Oil & Gas
Operation… 148
16.14.8 Net Income per boe, Annual - From Upstream Oil & Gas Operations… 148
16.14.9 Cash Flow per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.10 Net-back per boe, Annual - From Upstream Oil & Gas Operations… 149
16.14.11 Lifting Cost per boe, Annual… 149
16.14.12 Recycle Ratio… 149
16.14.13 Free Cash Flow from Upstream Oil & Gas Operations… 149
16.15 Units of Measure… 150

List of Tables

1.1 List of Tables
Table 1: Leading Oil & Gas National Oil Companies, Key Player’s Total Oil & Gas
Reserves, MMboe , 2011… 11
Table 2: Operational Performance Weighted Score and Rank, 2011… 12
Table 3: Operational Performance Comparison: Reserves Metrics… 13
Table 4: Operational Performance Comparison: Production Metrics… 14
Table 5: Operational Performance Comparison: Costs Incurred Metrics… 14
Table 6: Operational Performance Comparison: Results of Oil & Gas Operations
Metrics… 14
Table 7: Financial Performance Pillars… 15
Table 8: Financial Performance Weighted Score and Rank, 2011… 16
Table 9: Operational Performance Weighted Score, 2011… 18
Table 10: Financial Performance Weighted Score,2011… 19
Table 11:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas Reserves, 
MMboe , 2007-2011… 21
Table 12: Leading Oil & Gas National Oil Companies, Oil Reserves as % of Total
Reserves, %, 2007-2011… 22
Table 13: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves Life Index,
Years, 2011… 23
Table 14: Leading Oil & Gas National Oil Companies, Oil & Gas Reserves
Growth, %, 2011… 24
Table 15:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2007-2011… 25
Table 16: Leading Oil & Gas National Oil Companies, Oil Production, MMbbl,
2007-2011… 26
Table 17: Leading Oil & Gas National Oil Companies, Gas Production, Bcf,
2007-2011… 27
Table 18:  Leading Oil & Gas National Oil Companies, Total Oil & Gas Production,
MMboe , 2007-2011… 28
Table 19:  Leading Oil & Gas National Oil Companies, Oil Production as % of Total
Production, %, 2007-2011… 29
Table 20:  Leading Oil & Gas National Oil Companies, Oil & Gas Production
Growth, %,  2007- 2011… 30
Table 21:  Leading Oil & Gas National Companies, Reserve Replacement Cost per boe,
Annual, 2007-2011… 31
Table 22:  Leading Oil & Gas National Oil Companies, Total Costs Incurred Incurred
From Upstream Oil & Gas Operation, 2007-2011… 32
Table 23: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Table 24:  Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2007-2011… 34
Table 25: Leading Oil & Gas National Oil Companies, DDA (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Table 26:  Leading Oil & Gas National Oil Companies, Total Operating
Revenue, $ Million,  2007-2011… 37
Table 27: Leading Oil & gas National Oil Companies, Net Income, $ Million,
2007-2011… 38
Table 28: Leading Oil & Gas National Oil Companies, Cash Flow from Operations,
$ Million, 2007-2011… 39
Table 29:  Leading Oil & Gas National Oil Companies, Cash Flow from
Operations/Total Oil & Gas Production, $/boe, 2007-2011… 40
Table 30: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2007-2011… 41
Table 31: Leading Oil & Gas National Oil Companies, EBITDAX Margin, %,
2007-2011… 42
Table 32: Leading Oil & Gas National Oil Companies, Net Income Margin, %,
2007-2011… 43
Table 33: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2007-2011… 44
Table 34: Leading Oil & Gas National Oil Companies, Capex/Cash Flow, x,
2007-2011… 46
Table 35: China Petroleum & Chemical Corporation, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 48
Table 36: China Petroleum & Chemical Corporation, Oil Reserves Metrics,
MMbbl, 2007-2011… 49
Table 37: China Petroleum & Chemical Corporation, Gas Reserves Metrics,
Bcf, 2007-2011… 49
Table 38: China Petroleum & Chemical Corporation, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 49
Table 39: China Petroleum & Chemical Corporation, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 50
Table 40: China Petroleum & Chemical Corporation, Reserve Replacement Ratio
Metrics,%, 2007-2011… 50
Table 41: China Petroleum & Chemical Corporation, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 51
Table 42:  China Petroleum & Chemical Corporation, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 52
Table 43: China Petroleum & Chemical Corporation, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007-2011… 54
Table 44: CNOOC Limited., Total Oil & Gas Reserves Metrics, MMboe , 2007-2011… 56
Table 45: CNOOC Limited., Oil Reserves Metrics, MMbbl, 2007-2011… 57
Table 46: CNOOC Limited., Gas Reserves Metrics, Bcf, 2007-2011… 57
Table 47: CNOOC Limited., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 57
Table 48: CNOOC Limited., Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 58
Table 49: CNOOC Limited., Reserve Replacement Ratio Metrics,%, 2007-2011… 58
Table 50: CNOOC Limited., Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 59
Table 51:  CNOOC Limited., F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 60
Table 52: CNOOC Limited., Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 62
Table 53: OAO Gazprom., Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 64
Table 54: OAO Gazprom.,Oil Reserves Metrics, MMbbl, 2007-2011… 64
Table 55: OAO Gazprom., Gas Reserves Metrics, Bcf, 2007-2011… 65
Table 56: OAO Gazprom., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 65
Table 57:  OAO Gazprom., Oil & Gas Production (Reserves Reconciliation) Metrics,
2007-2011… 65
Table 58: OAO Gazprom., Costs Incurred In Oil & Gas Operations Metrics, $ Million,
2007-2011… 66
Table 59: Oil and Natural Gas Corporation Limited, Total Oil & Gas Reserves
Metrics, MMboe , 2007-2011… 70
Table 60: Oil and Natural Gas Corporation Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 70
Table 61: Oil and Natural Gas Corporation Limited, Gas Reserves Metrics, Bcf,
2007-2011… 71
Table 62: Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Sales Volume) Metrics, 2007-2011… 71
Table 63:  Oil and Natural Gas Corporation Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics,  2007-2011… 71
Table 64: Oil and Natural Gas Corporation Limited, Reserve Replacement Ratio
Metrics,%, 2007-2011… 72
Table 65:  Oil and Natural Gas Corporation Limited, Costs Incurred In Oil & Gas
Operations Metrics, $ Million, 2007-2011… 73
Table 66:  Oil and Natural Gas Corporation Limited, F&D Cost per boe, RRC Costs
per boe, Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 73
Table 67: Oil and Natural Gas Corporation Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe,  2007-2011… 74
Table 68: OJSC Rosneft Oil Company.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 76
Table 69: OJSC Rosneft Oil Company., Oil Reserves Metrics, MMbbl, 2007-2011… 76
Table 70: OJSC Rosneft Oil Company., Gas Reserves Metrics, Bcf, 2007-2011… 77
Table 71: OJSC Rosneft Oil Company., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 77
Table 72: OJSC Rosneft Oil Company.,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 77
Table 73: OJSC Rosneft Oil Company., Reserve Replacement Ratio Metrics,%,
2007-2011… 78
Table 74: OJSC Rosneft Oil Company.,Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 79
Table 75:    OJSC Rosneft Oil Company.,F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration     Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe,    2007-2011… 80
Table 76: OJSC Rosneft Oil Company., Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 82
Table 77: PetroChina Company Limited, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 84
Table 78: PetroChina Company Limited, Oil Reserves Metrics, MMbbl,
2007-2011… 85
Table 79: PetroChina Company Limited, Gas Reserves Metrics, Bcf,
2007-2011… 85
Table 80: PetroChina Company Limited, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 85
Table 81:  PetroChina Company Limited, Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 86
Table 82: PetroChina Company Limited, Reserve Replacement Ratio Metrics,%,
2007-2011… 86
Table 83:  PetroChina Company Limited, Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 87
Table 84:  PetroChina Company Limited, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 88
Table 85:  PetroChina Company Limited, Results of Oil & Gas Operations
Per boe Metrics, $/boe, 2007- 2011… 90
Table 86: Petroleo Brasileiro S.A.,  Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 92
Table 87: Petroleo Brasileiro S.A.,  Oil Reserves Metrics, MMbbl, 2007-2011… 93
Table 88: Petroleo Brasileiro S.A.,  Gas Reserves Metrics, Bcf, 2007-2011… 93
Table 89: Petroleo Brasileiro S.A., Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 93
Table 90: Petroleo Brasileiro S.A.,  Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 94
Table 91: Petroleo Brasileiro S.A.,  Reserve Replacement Ratio
Metrics,%, 2007-2011… 94
Table 92: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations
Metrics, $ Million, 2007-2011… 95
Table 93 Petroleo Brasileiro S.A.,  F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 96
Table 94: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 98
Table 95: Petroleos de Venezuela S.A.,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 100
Table 96: Petroleos de Venezuela S.A., Oil Reserves Metrics, MMbbl,
2007-2011… 100
Table 97: Petroleos de Venezuela S.A., Gas Reserves Metrics,Bcf,
2007-2011… 101
Table 98: Petroleos de Venezuela S.A., Oil & Gas Production (Sales Volume)
Metrics, 2007-2011… 101
Table 99: Petroleos de Venezuela S.A., Oil & Gas Production
(Reserves Reconciliation) Metrics, 2007-2011… 101
Table 100: Petroleos de Venezuela S.A., Reserve Replacement Ratio
Metrics,%, 2007-2011… 102
Table 101: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations
Metrics, $ Million,  2007-2011… 103
Table 102: Petroleos de Venezuela S.A., F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 104
Table 103: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Per
boe Metrics, $/boe, 2007-2011… 106
Table 104: Petroleos Mexicanos,Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 108
Table 105: Petroleos Mexicanos, Oil Reserves Metrics, MMbbl, 2007-2011… 108
Table 106: Petroleos Mexicanos, Gas Reserves Metrics, Bcf, 2007-2011… 109
Table 107: Petroleos Mexicanos, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 109
Table 108: Petroleos Mexicanos, Oil & Gas Production (Reserves Reconciliation)
Metrics,  2007-2011… 109
Table 109: Petroleos Mexicanos, Reserve Replacement Ratio Metrics,%,
2007-2011… 110
Table 110: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 111
Table 111: Petroleos Mexicanos, F&D Cost per boe, RRC Costs per boe,
Finding Costs per boe, Exploration Costs per boe, Proved Reserves
Acquisition costs per boe Metrics, $/boe, 2007-2011… 112
Table 112: Petroleos Mexicanos, Results of Oil & Gas Operations Per boe
Metrics, $/boe, 2007-2011… 114
Table 113: Statoil ASA, Total Oil & Gas Reserves Metrics, MMboe ,
2007-2011… 116
Table 114: Statoil ASA, Oil Reserves Metrics, MMbbl, 2007-2011… 117
Table 115: Statoil ASA, Gas Reserves Metrics, MMbbl, 2007-2011… 117
Table 116: Statoil ASA, Oil & Gas Production (Sales Volume) Metrics,
2007-2011… 117
Table 117: Statoil ASA,Oil & Gas Production (Reserves Reconciliation)
Metrics, 2007-2011… 118
Table 118: Statoil ASA, Reserve Replacement Ratio Metrics,%, 2007-2011… 118
Table 119: Statoil ASA, Costs Incurred In Oil & Gas Operations Metrics,
$ Million, 2007-2011… 119
Table 120: Statoil ASA, F&D Cost per boe, RRC Costs per boe, Finding Costs
per boe, Exploration Costs per boe, Proved Reserves Acquisition costs
per boe Metrics, $/boe, 2007-2011… 120
Table 121: Statoil ASA, Results of Oil & Gas Operations Per boe Metrics,
$/boe, 2007-2011… 122

List of Figures


1.2 List of Figures
Figure 1: Leading Oil & Gas National Oil Companies, Overall Score Comparison,
2011… 17
Figure 2:  Leading Oil & Gas National Oil Companies, Total Proved Oil & Gas
Reserves,  MMboe , 2011… 20
Figure 3:  Leading Oil & Gas National OIl Companies, Oil
Reserves as % of Total Reserves %, 2011… 22
Figure 4: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Life Index, Years, 2011… 23
Figure 5: Leading Oil & Gas National Oil Companies, Oil & Gas
Reserves Growth, %, 2011… 24
Figure 6:  Leading Oil & Gas National Oil Companies, Reserves Replacement
Ratio (Including Sales), %, 2011… 25
Figure 7: Leading Oil & Gas National Oil Companies, Oil Production,
MMbbl, 2011… 26
Figure 8: Leading Oil & Gas National Oil Companies, Gas Production,
Bcf, 2011… 27
Figure 9: Leading Oil & Gas National Oil Companies, Total Oil & Gas
Production, MMboe , 2011… 28
Figure 10: Leading Oil & Gas National Oil Companies, Oil Production
as % of Total Production, %, 2011… 29
Figure 11: Leading Oil & Gas National Companies, Oil & Gas Production
Growth, %, 2011… 30
Figure 12: Leading Oil & Gas National Oil Companies, Reserve Replacement
Cost per boe,  Annual, $/boe, 2011… 31
Figure 13: Leading Oil & Gas National Companies, Total Costs Incurred From
Upstream Oil & Gas  Operation, 2011… 32
Figure 14: Leading Oil & Gas National Oil Companies, Total Oil & Gas Capital
Expenditure Growth,%, 2011… 33
Figure 15: Leading Oil & Gas National Oil Companies, Oil & Gas Revenue per boe,
Annual, $/boe, 2011… 34
Figure 16: Leading Oil & gas National Oil Companies, DD&A (Including Impairment),
From Upstream Oil & Gas, $/boe, 2011… 35
Figure 17: Leading Oil & Gas National Oil Companies, Total Operating Revenue,
$ Million, 2011… 36
Figure 18: Leading Oil & Gas National Oil Companies, Net Income, $ Million,
2011… 38
Figure 19: Leading Oil & Gas National Oil Companies, Cash Flow from Operation,
$ Million, 2011… 39
Figure 20: Leading Oil & Gas National Oil Companies, Cash Flow from Operations
per boe, $/boe, 2011… 40
Figure 21: Leading Oil & Gas National Oil Companies, Net Debt to Equity,
2011… 41
Figure 22: Leading Oil & Gas National Oil Companies, EBITDAX
Margin, %,
2011… 42
Figure 23: Leading Oil & Gas National Oil Companies, Net Income
Margin, %, 2011… 43
Figure 24: Leading Oil & Gas National Oil Companies, Return on Average
Equity, %, 2011… 44
Figure 25: Leading Oil & Gas National Oil Companies, Asset Turnover
Ratio, x, 2011… 45
Figure 26: Leading Oil & Gas National Oil Companies, Capex/Cash Flow,
x, 2011… 46
Figure 27: China Petroleum & Chemical Corporation , Overall Rank & Score,
2011… 47
Figure 28: China Petroleum & Chemical Corporation, Reserves & Production
Metrics, 2007-2011… 48
Figure 29: China Petroleum & Chemical Corporation, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 51
Figure 30: China Petroleum & Chemical Corporation, Results of Oil & Gas
Operations Metrics, 2007-2011… 53
Figure 31: CNOOC Limited., Overall Rank & Score, 2011… 55
Figure 32: CNOOC Limited., Reserves & Production Metrics, 2007-2011… 56
Figure 33: CNOOC Limited., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 59
Figure 34: CNOOC Limited., Results of Oil & Gas Operations Metrics,
2007-2011… 61
Figure 35: OAO Gazprom., Overall Rank & Score, 2011… 63
Figure 36: OAO Gazprom., Reserves & Production Metrics, 2007-2011… 64
Figure 37: OAO Gazprom., Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 66
Figure 38: OAO Gazprom., Results of Oil & Gas Operations Metrics,
2007-2011… 68
Figure 39: Oil and Natural Gas Corporation Limited, Overall
Rank & Score, 2011… 69
Figure 40: Oil and Natural Gas Corporation Limited, Reserves & Production
Metrics, 2007-2011… 70
Figure 41: Oil and Natural Gas Corporation Limited, Costs Incurred In
Oil & Gas Operations, Metrics, 2007-2011… 73
Figure 42: Oil and Natural Gas Corporation Limited, Results of Oil & Gas
Operations Metrics, 2007-2011… 74
Figure 43: OJSC Rosneft Oil Company., Overall Rank & Score, 2011… 75
Figure 44: OJSC Rosneft Oil Company., Reserves & Production Metrics,
2007-2011… 76
Figure 45: OJSC Rosneft Oil Company., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 79
Figure 46: OJSC Rosneft Oil Company.,Results of Oil & Gas Operations Metrics,
2007-2011… 81
Figure 47: PetroChina Company Limited, Overall Rank & Score, 2011… 83
Figure 48: PetroChina Company Limited, Reserves & Production Metrics,
2007-2011… 84
Figure 49: PetroChina Company Limited, Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 87
Figure 50: PetroChina Company Limited, Results of Oil & Gas Operations Metrics,
2007-2011… 89
Figure 51: Petroleo Brasileiro S.A., Overall Rank & Score, 2011… 91
Figure 52: Petroleo Brasileiro S.A.,  Reserves & Production Metrics,
2007-2011… 92
Figure 53: Petroleo Brasileiro S.A.,  Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 95
Figure 54: Petroleo Brasileiro S.A.,  Results of Oil & Gas Operations Metrics,
2007-2011… 97
Figure 55: Petroleos de Venezuela S.A., Overall Rank & Score, 2011… 99
Figure 56: Petroleos de Venezuela S.A., Reserves & Production Metrics,
2007-2011… 100
Figure 57: Petroleos de Venezuela S.A., Costs Incurred In Oil & Gas Operations,
Metrics, 2007-2011… 103
Figure 58: Petroleos de Venezuela S.A., Results of Oil & Gas Operations Metrics,
2007-2011… 105
Figure 59: Petroleos Mexicanos, Overall Rank & Score, 2011… 107
Figure 60 Petroleos Mexicanos, Reserves & Production Metrics, 2007-2011… 108
Figure 61: Petroleos Mexicanos, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 111
Figure 62: Petroleos Mexicanos, Results of Oil & Gas Operations Metrics,
2007-2011… 113
Figure 63: Statoil ASA, Overall Rank & Score, 2011… 115
Figure 64: Statoil ASA, Reserves & Production Metrics, 2007-2011… 116
Figure 65: Statoil ASA, Costs Incurred In Oil & Gas Operations, Metrics,
2007-2011… 119
Figure 66: Statoil ASA, Results of Oil & Gas Operations Metrics, 2007-2011… 121


Summary

"Leading Oil & Gas National Oil Companies- Financial & Operational Fundamental
Analysis and Benchmarking-2012" is the latest report from this, 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, capital expenditures, performance metrics, results of oil and
gas operations and valuation metrics.

Proved oil and gas Reserves of the Leading Oil & Gas National Oil Companies
increased in 2011, up from 532.55 billion barrels of oil equivalent (boe) in
2010 to 538.24 billion boe in 2011. Petroleos de Venezuela S.A. had the
highest proved oil and gas reserves of 330,110 MMboe among the Leading
Oil & Gas National Oil Companies. The total cost incurred by Leading Oil & Gas
National Oil Companies was $153 billion in 2011, decrease by 16.2% from the
previous year.

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, valuation metrics and results of
oil and gas operations.
- Provides annual information on key operational and financial parameters for
the period 2007 to 2011.
- Benchmarks Leading Oil & Gas National Oil Companies on operational and
financial parameters.
- Companies covered include; China Petroleum & Chemical Corporation, CNOOC Limited,
OAO Gazprom, Oil and Natural Gas Corporation Limited, OJSC Rosneft Oil Company,
PetroChina Company Limited, Petroleo Brasileiro S.A., Petroleos de Venezuela S.A.,
- Leading Oil & Gas National Oil Companies: Financial & Operational Fundamental
Analysis and Benchmarking report is based on publicly available data filed with
the U S Securities and Exchange Commission (SEC) and other similar agencies 
worldwide.This has then been analyzed by this 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.


Price

Single User Price : $3,995
Site License Price : $7,990
Enterprisewide Price (Global Site License) : $11,985


Disclaimer
All Rights Reserved.

No part of this publication may be reproduced, stored in a retrieval system or transmitted
in any form by any means, electronic, mechanical, photocopying, recording or otherwise,
without the prior permission of the publisher.

The facts of this report are believed to be correct at the time of publication but cannot be
guaranteed. Please note that the findings, conclusions and recommendations that the
publisher delivers will be based on information gathered in good faith from both primary
and secondary sources, whose accuracy we are not always in a position to guarantee.
As such the publisher accept no liability whatever for actions taken based on any
information that may subsequently prove to be incorrect.

To order this report, please send an email to mail@worldoils.com
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Search words (for official use only) :

Company Assessing Pillars
Oil & Gas Operations Metrics
China Petroleum & Chemical Corporation
Gas Extensions & Discoveries
Oil & Gas Other Reserves Changes
Total Oil and Gas production
Costs Incurred in Oil and Gas Operations
Finding & Development Costs Incurred
Results of Oil and Gas Operations

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