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

Business reviewhttp://www.bp.com/downloads/oilandgasproductionBP’s net production by major field for 2011, 2010 and 2009.Liquidsthousand barrels per daySubsidiariesBP net share of production aField or area 2011 2010 2009UK b ETAP c 22 28 34Foinaven d 26 24 29Other 65 85 105Total UK 113 137 168Norway b Various 32 40 40Total Rest of Europe 32 40 40Total Europe 145 177 208Alaska Prudhoe Bay d 64 67 69Kuparuk 39 42 45Milne Point d 19 23 24Other 31 34 43Total Alaska 153 166 181Lower 48 onshore b Various 69 90 97Gulf of Mexico deepwater b Thunder Horse d 77 120 133Atlantis d 34 49 54Mad Dog d 8 30 35Mars 19 23 29Na Kika d 14 25 27Horn Mountain d 8 14 25King d 15 21 22Other 56 56 62Total Gulf of Mexico deepwater 231 338 387Total US 453 594 665Canada b Various d 2 7 8Total Rest of North America 2 7 8Total North America 455 601 673Colombia b Various d 1 18 23Trinidad & Tobago Various d 31 36 38Brazil b Various 7 – –Total South America 39 54 61Angola Greater Plutonio d 51 73 70Kizomba C Dev 21 31 43Dalia 12 20 32Girassol FPSO 12 18 22Other 27 28 44Total Angola 123 170 211Egypt b Gupco 34 47 55Other 11 12 16Total Egypt 45 59 71Algeria b Various 22 17 22Total Africa 190 246 304Azerbaijan b Azeri-Chirag-Gunashli d 86 94 94Other 8 9 7Total Azerbaijan 94 103 101Western Indonesia b Various 2 2 5Iraq Rumaila 31 – –Other Various 11 14 17Total Rest of Asia b 138 119 123Total Asia 138 119 123Australia Various 23 30 31Other Various 2 2 –Total Australasia 25 32 31Total subsidiaries e 992 1,229 1,400Equity-accounted entities (BP share)Russia – TNK-BP b Various 865 856 840Total Russia 865 856 840Abu Dhabi f Various 209 190 182Other Various 1 1 12Total Rest of Asia b 210 191 194Total Asia 1,075 1,047 1,034Argentina Various 74 75 75Venezuela b Various 16 23 25Bolivia b Various -– – 1Total South America 90 98 101Total equity-accounted entities 1,165 1,145 1,135Total subsidiaries and equity-accounted entities 2,157 2,374 2,535a Production excludes 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 and salesarrangements independently.b In 2011, BP sold its holdings in Venezuela and Vietnam to TNK-BP. It also made acquisitions in India through a joint venture with Reliance, Brazil and additional volumes in the US Gulf of Mexico andUK North Sea. BP divested its holdings in Pompano along with other interests in the US Gulf of Mexico, Tuscaloosa and interests in South Texas in the US onshore, a portion of our interest in theAzeri-Chirag-Gunashli development in Azerbaijan, Wytch Farm in the UK, our interests in the REB field in Algeria, and the remainder of our interests in Colombia and Pakistan. In 2010, BP divestedits Permian Basin assets in Texas and south-east New Mexico, the East Badr El-Din and Western Desert concession in Egypt, its Canada gas assets and reduced its interest in the King field in theGulf of Mexico. It also acquired an increased holding in the Azeri-Chirag-Gunashli development in Azerbaijan and the Valhall and Hod fields in the Norwegian North Sea. Four other producing fields inthe Gulf of Mexico that were acquired during 2010 were subsequently disposed of in early 2011. In 2009, BP assumed operatorship of the Mirpurkhas and Khipro blocks in Pakistan, swapped a numberof assets with BG Group plc. in the UK sector of the North Sea, divested some minor interests in the US Lower 48, divested its holdings in Indonesia’s Offshore Northwest Java to Pertamina, divestedits interests in LukArco to Lukoil and the Bolivian government nationalized, with compensation payable, Pan American Energy’s shares of Chaco.c Volumes relate to six BP-operated fields within ETAP. BP has no interests in the remaining three ETAP fields, which are operated by Shell.d BP-operated.e Includes 28 net mboe/d of NGLs from processing plants in which BP has an interest (2010 29mboe/d and 2009 28mboe/d).f The BP group holds interests, through associates, in onshore and offshore concessions in Abu Dhabi, expiring in 2014 and 2018 respectively.92 BP Annual Report and Form 20-F 2011