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

Supplementary information on oil and natural gas (unaudited)Movements in estimated net proved reserves continuedmillion barrels of oil equivalentEurope US eTotal hydrocarbons a 2011EuropeNorthSouth Africa Asia Australasia TotalAmericaAmericaUKAmericaRussia AsiaRest ofRest ofNorthRest ofSubsidiariesAt 1 January 2011Developed 608 84 3,366 10 660 600 – 491 662 6,481Undeveloped 574 295 1,923 – 1,192 779 – 371 462 5,5961,182 379 5,289 10 1,852 1,379 – 862 1,124 12,077Changes attributable toRevisions of previous estimates 28 10 27 (2) 41 (103) – (119) 55 (63)Improved recovery 24 8 200 – 15 12 – 75 10 344Purchases of reserves-in-place 1 – 26 2 7 – – 58 – 94Discoveries and extensions – – 39 – 9 19 – – – 67Production b f (66) (13) (289) (1) (153) (108) – (92) (59) (781)Sales of reserves-in-place (36) – (97) (4) (76) (12) – (87) – (312)(49) 5 (94) (5) (157) (192) – (165) 6 (651)At 31 December 2011 cDeveloped 531 76 3,362 5 522 522 – 355 675 6,048Undeveloped 602 308 1,833 – 1,173 665 – 342 455 5,3781,133 384 5,195 5 1,695 1,187 – 697 1,130 11,426Equity-accounted entities (BP share) gAt 1 January 2011Developed – – – – 593 – 2,716 382 – 3,691Undeveloped – – – 179 613 43 1,441 27 – 2,303– – – 179 1,206 43 4,157 409 – 5,994Changes attributable toRevisions of previous estimates – – – (1) (25) 5 795 (5) – 769Improved recovery – – – – 103 – 73 2 – 178Purchases of reserves-in-place – – – – 103 – – 14 – 117Discoveries and extensions – – – – – – 25 – – 25Production b f – – – – (59) – (362) (80) – (501)Sales of reserves-in-place – – – – (260) – – – – (260)– – – (1) (138) 5 531 (69) – 328At 31 December 2011 d hDeveloped – – – – 546 – 2,961 274 – 3,781Undeveloped – – – 178 522 48 1,727 66 – 2,541– – – 178 1,068 48 4,688 340 – 6,322Total subsidiaries and equity-accounted entities (BP share)At 1 January 2011Developed 608 84 3,366 10 1,253 600 2,716 873 662 10,172Undeveloped 574 295 1,923 179 1,805 822 1,441 398 462 7,8991,182 379 5,289 189 3,058 1,422 4,157 1,271 1,124 18,071At 31 December 2011Developed 531 76 3,362 5 1,068 522 2,961 629 675 9,829Undeveloped 602 308 1,833 178 1,695 713 1,727 408 455 7,9191,133 384 5,195 183 2,763 1,235 4,688 1,037 1,130 17,748aProved 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 and the option and ability to make lifting andsales arrangements independently.bExcludes NGLs from processing plants in which an interest is held of 28 thousand barrels of oil equivalent per day.cIncludes 616 million barrels of NGLs. Also includes 496 million barrels of oil equivalent in respect of the 30% minority interest in BP Trinidad and Tobago LLC.dIncludes 19 million barrels of NGLs. Also includes 340 million barrels of oil equivalent in respect of the minority interest in TNK-BP.eProved reserves in the Prudhoe Bay field in Alaska include an estimated 82 million barrels of oil equivalent upon which a net profits royalty will be payable.fIncludes 34 million barrels of oil equivalent of natural gas consumed in operations, 27 million barrels of oil equivalent in subsidiaries, seven million barrels of oil equivalent in equity-accounted entities andexcludes two million barrels of oil equivalent of produced non-hydrocarbon components which meet regulatory requirements for sales.gVolumes of equity-accounted entities include volumes of equity-accounted investments of those entities.hTotal proved reserves held as part of our equity interest in TNK-BP is 4,802 million barrels of oil equivalent, comprising 100 million barrels of oil equivalent in Venezuela, 14 million barrels of oil equivalent inVietnam and 4,688 million barrels of oil equivalent 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 demonstratedby evidence of Russian subsoil law, track record of renewals within the industry and track record of success in obtaining renewals by TNK-BP. This has resulted in an increase in proved reserves of253 million barrels of oil equivalent.Financial statementsBP Annual Report and Form 20-F 2011 269