Deepwater Statistical ReportAndrew Latham, Wood MackenzieThe deepwater corporate landscape is characterized by the leading international majors. There are exceptions, such as in India where Reliance has achieved the leading position. But, globally, the leading deepwater company by discovered reserves is still Petrobras. The Brazilian company is the largest resource holder in its domestic basins. Petrobras has much smaller reserves in the US GOM and in Nigeria. It discovered these reserves more recently and, together with its Brazilian position, has to date found over 19 billion boe of deepwater reserves on a net working interest basis. BP, Shell, Chevron and ExxonMobil have each discovered around 8 billion boe deepwater reserves with BP fractionally ahead of the pack. For BP the largest volumes are in the GOM, Angola and Egypt. Amoco originally held part of the latter two countries’ acreage. Shell has also enjoyed great deepwater success in the GOM, Nigeria and Australia. But, it is notable among its peers by its absence from Angola.
Chevron has lower exposure to the US deepwater than either BP or Shell, but has the leading deepwater position in Australia. Thanks to the Unocal acquisition, the company holds significant Indonesian deepwater assets. Among the smaller players, BHP Billiton has enjoyed the greatest deepwater success with reserves in the Australian North West Shelf and in the GOM. The global deepwater acreage picture is changing with many newcomers including smaller independents, mid-sized companies and national oil companies. We expect to see new participants as emerging exploration plays provide successes in China and Africa. www.woodmac.com/energy/deepwater
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