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The hull of the new platform for the Mars B project being moved to the Gulf of Mexico, USA. (photo)

HIGHLIGHTS

  • Produced 3.3 million boe/d of oil and gas, a 3% increase excluding the effect of divestments and exits.
  • Sold 20.2 million tonnes of liquefied natural gas (LNG).
  • Added 4 billion boe of resources in 2012 from exploration and acquisitions, compared with 1.2 billion boe of production.
  • Made seven notable new discoveries and appraisals in conventional exploration, including an appraisal at Appomattox, which now has more than 500 million boe potential.
  • Took final investment decisions on Forcados Yokri and Southern Swamp in Nigeria; Tempa Rossa in Italy; Malikai in Malaysia; and North American liquids-rich shales.
  • Increased participation in the Draugen, Schiehallion and Beryl fields in the UK North Sea.
  • Acquired liquids-rich shales acreage in the Permian basin, Texas.
  • Divested three oil mining leases onshore Nigeria for a total consideration of more than $1 billion.
  • Found strategic partners for the Groundbirch project and Prelude FLNG, and diluted our stakes in these projects.
  • Signed the first ever shale gas production sharing contract in China with CNPC.
  • Announced a proposal for developing an LNG export facility in Western Canada with strategic partners called LNG Canada.

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KEY STATISTICS

 

2012

2011

2010

2009

2008

[A]

Excludes net working capital movements.

[B]

Available for sale.

[C]

Includes bitumen production.

[D]

Natural gas volumes are converted to oil equivalent using a factor of 5,800 scf per barrel.

Upstream earnings ($ million)

 

 

 

 

 

Upstream International

21,245

19,697

15,205

7,209

19,298

Upstream Americas

917

4,758

730

1,145

7,208

Total Upstream earnings ($ million)

22,162

24,455

15,935

8,354

26,506

of which Integrated gas

10,978

7,279

5,727

1,785

4,093

Total Upstream earnings
  excluding identified items ($ million)

20,025

20,600

14,442

8,488

23,019

Upstream cash flow from operations
  ($ million) [A]

32,951

33,281

24,526

18,445

35,448

Liquids production (thousand b/d) [B][C]

1,508

1,551

1,637

1,600

1,693

Natural gas production (million scf/d) [B]

9,449

8,986

9,305

8,483

8,569

Synthetic crude oil production
  (thousand b/d) [B]

125

115

72

80

 

Mined oil sands production (thousand b/d) [B]

 

 

 

 

78

Total production (thousand boe/d) [B][D]

3,262

3,215

3,314

3,142

3,248

Equity sales of liquefied natural gas (LNG)
  (million tonnes)

20.2

18.8

16.8

13.4

13.1

Upstream net capital investment ($ million)

25,320

19,083

21,222

22,326

28,257

Upstream capital employed ($ million)

139,277

126,437

113,631

98,826

83,997

Upstream employees (thousands)

26

27

26

23

22

UPSTREAM EARNINGS [A]$ billion
Upstream earnings ($ billion) – development from 2008 to 2012 (bar chart)
[A]
Excluding identified items.
PRODUCTIONmillion boe/d                                              mtpa
Production (million boe/d) for Liquids, Gas – (million tonnes) for LNG sales volumes – development from 2008 to 2012 (bar and line chart)