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PROVED OIL AND GAS RESERVES ATTRIBUTABLE |
BILLION BOE | ||||||||
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2012 |
2011 |
2010 |
2009 |
2008 | ||||
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Organic reserves additions |
1.0[A] |
1.5[A] |
1.6[A] |
3.2[A] |
1.1[B] | ||||
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Production |
1.2 |
1.2 |
1.2 |
1.2 |
1.2 | ||||
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Total proved reserves |
13.6 |
14.2 |
14.2 |
14.1 |
11.9 | ||||
In 2012, Shell added 542 million boe of SEC proved oil and gas reserves before accounting for the year’s production. At the end of the year, total proved oil and gas reserves excluding non-controlling interest were 13,556 million boe (9,855 million boe for Shell subsidiaries and 3,701 million boe for equity-accounted investments). Reserves life (an estimate of how many years it would take to exhaust the current proved reserves at the current level of production) decreased from 11.8 years at the end of 2011 to approximately 11 years at the end of 2012. Reserves life is up from 2008, when we had 10 years of reserves.
The Reserves Replacement Ratio for Shell subsidiaries and equity-accounted investments was 44% in 2012 (and 84% over the last three years). Excluding acquisitions, divestments and price effects, the ratio was 85% in 2012, and 115% in the period 2010–2012.
Significant oil and natural gas liquids (NGL) proved reserves additions in 2012 were from revisions and reclassifications from field performance studies and development activities in Asia (270 million barrels, primarily in Brunei, Iraq, Kazakhstan, Malaysia, Oman, Russia and United Arab Emirates), Africa (95 million barrels, primarily in Gabon and Nigeria), the USA (80 million barrels) and Canada (131 million barrels), and from the purchase of minerals in place in Europe (56 million barrels, in Norway and the UK).
Significant additions in natural gas reserves came from field extensions and discoveries in the USA (393 thousand million scf), and from revisions and reclassifications in Asia (284 thousand million scf, primarily in Brunei and Russia). These additions were offset by significant reductions in proved natural gas reserves from revisions and reclassifications associated with lower commodity prices in the USA (1,076 thousand million scf) and Canada (683 thousand million scf), and sales of minerals in place in Oceania (303 thousand million scf, in Australia).
Proved reserves can be either developed or undeveloped. Subsidiaries’ proved reserves at December 31, 2012, were divided into 66% developed and 34% undeveloped on a barrel of oil equivalent basis. For the Shell share of equity-accounted investments, the proved reserves were divided into 81% developed and 19% undeveloped.