12.
If we look at the performance of the top 9 quoted companies as a group, we see that it is an industry problem.
Here we see the reported reserves added under SEC terms and our estimate of the reserves discovered against production.
2000 was a stellar year with the discovery of Kashagan and some other large deepwater fields. But the performance in the last three years has been weak.
16.
Key Points:
1. XoM, BP, Total and Shell have found broadly similar volumes of commercial reserves in 1999-2003.
2. Although, Shell has a lower share of technical reserves
As time progresses, the ratio of commercial to technical reserves rises as projects are upgraded to commercial status.
See appendix for comparison of Wood Mackenzie and Shell reserve definitions
