BP Annual Report and Form 20-F 2011 - Company Reporting

Supplementary information on oil and natural gas (unaudited)Movements in estimated net proved reservesmillion barrelsEurope US eCrude oil a 2011EuropeNorthSouth Africa Asia Australasia TotalAmericaAmericaUKAmericaRussia AsiaRest ofRest ofNorthRest ofSubsidiariesAt 1 January 2011Developed 364 77 1,729 – 44 371 – 269 48 2,902Undeveloped 431 221 1,190 – 58 374 – 325 58 2,657795 298 2,919 – 102 745 – 594 106 5,559Changes attributable toRevisions of previous estimates (1) 5 27 – 6 (68) – (131) 3 (159)Improved recovery 14 8 97 – 1 10 – 70 6 206Purchases of reserves-in-place – – 10 – 7 – – 4 – 21Discoveries and extensions – – 1 – 1 19 – – – 21Production b (41) (12) (162) – (13) (68) – (50) (9) (355)Sales of reserves-in-place (34) – (34) – (29) (12) – (31) – (140)(62) 1 (61) – (27) (119) – (138) – (406)At 31 December 2011 cDeveloped 288 69 1,685 – 27 311 – 177 59 2,616Undeveloped 445 230 1,173 – 48 315 – 279 47 2,537733 299 2,858 – 75 626 – 456 106 5,153Equity-accounted entities (BP share) fAt 1 January 2011Developed – – – – 408 – 2,388 370 – 3,166Undeveloped – – – – 407 12 1,362 24 – 1,805– – – – 815 12 3,750 394 – 4,971Changes attributable toRevisions of previous estimates – – – – (12) 2 677 (5) – 662Improved recovery – – – – 70 – 73 – – 143Purchases of reserves-in-place – – – – 98 – – 1 – 99Discoveries and extensions – – – – – – 25 – – 25Production – – – – (30) – (316) (76) – (422)Sales of reserves-in-place – – – – (244) – – – – (244)– – – – (118) 2 459 (80) – 263At 31 December 2011 d gDeveloped – – – – 349 – 2,596 256 – 3,201Undeveloped – – – – 348 14 1,613 58 – 2,033– – – – 697 14 4,209 314 – 5,234Total subsidiaries and equity-accounted entities (BP share)At 1 January 2011Developed 364 77 1,729 – 452 371 2,388 639 48 6,068Undeveloped 431 221 1,190 – 465 386 1,362 349 58 4,462795 298 2,919 – 917 757 3,750 988 106 10,530At 31 December 2011Developed 288 69 1,685 – 376 311 2,596 433 59 5,817Undeveloped 445 230 1,173 – 396 329 1,613 337 47 4,570733 299 2,858 – 772 640 4,209 770 106 10,387aCrude oil includes NGLs and condensate. Proved reserves exclude royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production andthe option and ability to make lifting and sales arrangements independently.bExcludes NGLs from processing plants in which an interest is held of 28 thousand barrels per day.cIncludes 616 million barrels of NGLs. Also includes 20 million barrels of crude oil in respect of the 30% minority interest in BP Trinidad and Tobago LLC.dIncludes 19 million barrels of NGLs. Also includes 310 million barrels of crude oil in respect of the 7.37% minority interest in TNK-BP.eProved reserves in the Prudhoe Bay field in Alaska include an estimated 82 million barrels upon which a net profits royalty will be payable over the life of the field under the terms of the BP Prudhoe BayRoyalty Trust.fVolumes of equity-accounted entities include volumes of equity-accounted investments of those entities.gTotal proved liquid reserves held as part of our equity interest in TNK-BP is 4,305 million barrels, comprising 95 million barrels in Venezuela, one million barrels in Vietnam and 4,209 million barrels in Russia.In 2011, BP aligned its reporting with TNK-BP by moving to a life of field reporting basis. Reasonable certainty of licence renewals is demonstrated by evidence of Russian subsoil law, track record ofrenewals within the industry and track record of success in obtaining renewals by TNK-BP. This has resulted in an increase in proved liquid reserves of 221 million barrels.266 BP Annual Report and Form 20-F 2011