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The oil and gas industry has witnessed a dramatic rise in oil prices since 2003; oil prices have been driven high by a combination of factors - mainly a rapid acceleration in oil consumption on the back of robust economic growth, juxtaposed with supply side constraints as oil production capacity is almost fully utilized. Lingering event risks such as terrorist strikes, political events or natural calamities that could lead to a disruption to global oil supply have also added a premium to oil prices. Strong oil prices have enabled large oil & gas companies to report record profits, which has not only earned them media attention but also the ire of consumers (and thus politicians) hit by high energy prices. Many countries, including the United States, have introduced or are considering imposing “windfall” taxes on oil & gas companies. Given the reliance on oil for meeting a nation’s energy requirements, interventions by local and national governments are fairly commonplace in the industry. Bolivia nationalized its gas reserves and Venezuela forced the international companies to cede control. In Europe, Gazprom’s decision to cut off Ukraine’s supplies sent ripples throughout Europe, which is heavily reliant on Russian gas. This report identifies the underlying long term trends in the industry and their implications for future energy demand and consumption. It also outlines the main drivers of oil prices and analyzes the global oil & gas reserves and consumption patterns. Finally, the report profiles the top ten oil & gas companies that are owned and managed by the private sector. For each company, a summary of the business model, strengths, strategies and challenges that the company faces will be analyzed. Companies, where the government owns more than 50% of the equity or exercises substantial control, have been excluded from the report.

Table of Contents
The Top Ten Oil and Gas Companies
Executive Summary 12
Market context 12
Abbreviations used 14
Exxon Mobil Corporation 15
OAO LUKOIL 16
BP 17
Chevron Corporation 18
Petróleo Brasileiro S.A. (Petrobras) 19
Royal Dutch Shell plc 19
Total S.A. 20
ConocoPhillips 21
OAO Surgutneftegas 22
Eni SpA 23
Chapter 1 Introduction 26
What is this report about? 26
Methodology 27
Chapter 2 Market context 30
Summary 30
Overview 32
Market trends 35
Sustained increase in oil prices since 2003 35
Underlying causes for high oil prices 36
2005 - Record profits for Big Oil, but costs are increasing 39
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Chapter 3 Exxon Mobil Corporation 44
Summary 44
Company Information 45
Oil & Gas Operations 46
Reserves & Production 47
Upstream Strategy 52
SWOT Analysis 55
Conclusions 55
Chapter 4 OAO LUKOIL 58
Summary 58
Company Information 59
Oil & Gas Operations 61
Reserves & Production 61
Upstream Strategy 66
SWOT Analysis 68
Conclusions 69
Chapter 5 BP 72
Summary 72
Company Information 73
Oil & Gas Operations 75
Reserves & Production 75
Upstream Strategy 80
SWOT Analysis 83
Conclusions 83
Chapter 6 Chevron Corporation 86
Summary 86
Company Information 87
Oil & Gas Operations 88
Reserves & Production 89
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Upstream Strategy 93
SWOT Analysis 98
Conclusions 98
Chapter 7 Petróleo Brasileiro S.A.
(Petrobras) 102
Summary 102
Company Information 103
Oil & Gas Operations 105
Reserves & Production 106
Upstream Strategy 111
SWOT Analysis 113
Conclusions 113
Chapter 8 Royal Dutch Shell plc 116
Summary 116
Company Information 117
Oil & Gas Operations 119
Reserves & Production 120
Upstream Strategy 124
SWOT Analysis 126
Conclusions 127
Chapter 9 Total S.A. 130
Summary 130
Company Information 130
Oil & Gas Operations 133
Reserves & Production 134
Upstream Strategy 138
SWOT Analysis 139
Conclusions 139
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Chapter 10 ConocoPhillips 142
Summary 142
Company Information 143
Oil & Gas Operations 145
Reserves & Production 146
Upstream Strategy 150
Burlington Resources 152
LUKOIL 153
SWOT Analysis 153
Conclusions 154
Chapter 11 OAO Surgutneftegas 156
Summary 156
Company Information 157
Oil & Gas Operations 159
Reserves & Production 159
Upstream Strategy 160
SWOT Analysis 162
Conclusions 162
Chapter 12 Eni SpA 166
Summary 166
Company Information 167
Oil & Gas Operations 168
Reserves & Production 169
Upstream Strategy 173
SWOT Analysis 176
Conclusions 177
Abbreviations 178
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List of Figures
Figure 2.1: Global population growth through 2050 33
Figure 2.2: Energy demand outlook until 2030 34
Figure 2.3: Europe Brent Spot Price FOB ($/Barrel), 1987-2005 35
Figure 2.4: Year-on-year growth rate of global oil consumption, 1994-2004 36
Figure 2.5: OPEC’s spare capacity 37
Figure 2.6: Distribution of global reserves (2004) 38
Figure 2.7: Distribution of global natural gas reserves (2004) 41
Figure 2.8: Natural gas market (bcf/d) - 2030 42
Figure 3.9: Liquids reserves geographic mix (2005) 48
Figure 3.10: Gas reserves geographic mix (2005) 49
Figure 3.11: Exxon - Global liquids production (2001-2005) 50
Figure 3.12: Exxon - Global gas production (2001-2005) 51
Figure 3.13: Exxon – Gas and power opportunities 53
Figure 3.14: SWOT Analysis: Exxon Mobil 55
Figure 4.15: LUKOIL - Liquids reserves geographic mix (2004) 63
Figure 4.16: LUKOIL - Gas reserves geographic mix (2004) 63
Figure 4.17: LUKOIL - Global liquids production (2001-2004) 64
Figure 4.18: LUKOIL - Global gas production (2001-2004) 65
Figure 4.19: SWOT Analysis: LUKOIL 68
Figure 5.20: BP - Liquids reserves geographic mix (2005) 77
Figure 5.21: BP - Gas reserves geographic mix (2005) 77
Figure 5.22: BP - Global liquids production (2001-2005) 78
Figure 5.23: BP - Global gas production (2001-2005) 79
Figure 5.24: BP – LNG business overview 82
Figure 5.25: SWOT Analysis: BP 83
Figure 6.26:Chevron - Liquids reserves geographic mix (2005) 90
Figure 6.27: Chevron - Gas reserves geographic mix (2005) 91
Figure 6.28: Chevron - Global liquids production 92
Figure 6.29: Chevron - Global gas production (2001-2005) 92
Figure 6.30: Chevron- Upstream portfolio and global gas strategy 96
Figure 6.31: Chevron – Unocal Asset Portfolios 97
Figure 6.32: SWOT Analysis: Chevron 98
Figure 7.33:Petrobras - Liquids reserves geographic mix (2005) 107
Figure 7.34: Petrobras - Gas reserves geographic mix (2005) 108
Figure 7.35: Petrobras - Global liquids production(2001-2005) 109
Figure 7.36: Petrobras - Global gas production (2001-2005) 110
Figure 7.37: SWOT Analysis: Petrobas 113
Figure 8.38: Shell - Liquids reserves geographic mix (2005) 121
Figure 8.39: Shell - Gas reserves geographic mix (2005) 121
Figure 8.40: Shell - Global liquids production(2001-2005) 122
Figure 8.41: Shell - Global gas production (2001-2005) 123
Figure 8.42: Shell – Key Projects (2006-12) 125
Figure 8.43: SWOT Analysis: Royal Dutch Shell 126
Figure 9.44: Total - Liquids reserves geographic mix (2005) 135
Figure 9.45: Total - Gas reserves geographic mix (2005) 135
Figure 9.46: Total - Global liquids production(2001-2005) 136
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Figure 9.47: Total - Global gas production (2001-2005) 137
Figure 9.48: SWOT Analysis: Total 139
Figure 10.49:ConocoPhillips - Liquids reserves geographic mix (2005) 147
Figure 10.50:ConocoPhillips - Gas reserves geographic mix (2005) 147
Figure 10.51: ConocoPhillips - Global liquids production (2001-2005) 148
Figure 10.52: ConocoPhillips - Global gas production (2001-2005) 149
Figure 10.53: ConocoPhillips – New Legacy Growth Areas 151
Figure 10.54: SWOT Analysis: ConocoPhillips 153
Figure 11.55: SWOT Analysis: OAO Surgutneftegas 162
Figure 12.56: Eni - Liquids reserves geographic mix (2005) 170
Figure 12.57: Eni - Gas reserves geographic mix (2005) 171
Figure 12.58: Eni - Global liquids production(2001-2005) 172
Figure 12.59: Eni - Global gas production (2001-2005) 172
Figure 12.60: Eni - Main start-ups & exploration discoveries 174
Figure 12.61: Eni –Portfolio for future growth 175
Figure 12.62: SWOT Analysis: Eni 176
List of Tables
Table 2.1: Top 10 oil/gas companies - Profitability 39
Table 2.2: Top 10 reserve replacement ratios 40
Table 3.3: Exxon – Key statistics 45
Table 3.4: Exxon – Summary financial information (2003-2005) 45
Table 3.5: Exxon – Upstream Summary Financial Data (2003-2005) 47
Table 3.6: Exxon – Reserves Data (2003-2005) 48
Table 3.7: Exxon – Reserves and Production (2001-2005) 51
Table 4.8: LUKOIL – Key Statistics 59
Table 4.9: LUKOIL – Summary financial information (2002-2004) 60
Table 4.10: LUKOIL – Upstream Summary Financial Data (2002-2004) 61
Table 4.11: LUKOIL – Reserves Data (2003-2005) 62
Table 4.12: LUKOIL – Reserves and Production (2001-2005) 66
Table 5.13: BP – Key Statistics 73
Table 5.14: BP – Summary financial information (2003-2005) 74
Table 5.15: BP – Upstream Summary Financial Data (2003-2005) 75
Table 5.16: BP – Reserves data (2003-2005) 76
Table 5.17: BP – Reserves and Production (2001-2005) 80
Table 6.18: Chevron – Key Statistics 87
Table 6.19: Chevron – Summary financial information (2003-2005) 88
Table 6.20: Chevron – Upstream summary financial data (2003-2005) 89
Table 6.21: Chevron – Reserves data (2003-2005) 89
Table 6.22: Chevron – Reserves and Production (2001-2005) 93
Table 6.23: Chevron – Project starts (2005-2008) 94
Table 7.24: Petrobras – Key Statistics 103
Table 7.25: Petrobras – Summary financial information (2003-2005) 104
Table 7.26: Petrobras – Upstream summary financial data (2003-2005) 105
Table 7.27: Petrobras – Reserves data (2003-2005) 106
Table 7.28: Petrobras – Reserves and production (2001-2005) 110
Table 8.29: Shell – Key statistics 117
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Table 8.30: Shell – Summary financial information (2003-2005) 118
Table 8.31: Shell – Upstream summary financial data (2003-2005) 119
Table 8.32: Shell – Reserves data (2003-2005) 120
Table 8.33: Shell – Reserves and production 123
Table 9.34: Total – Key statistics 131
Table 9.35: Total – Summary financial information (2003-2005) 132
Table 9.36: Total – Upstream summary financial data (2003-2005) 133
Table 9.37: Total – Reserves data (2003-2005) 134
Table 9.38: Total – Reserves and production (2001-2005) 137
Table 10.39: ConocoPhillips – Key statistics 143
Table 10.40: ConocoPhillips – Summary financial information (2003-2005) 145
Table 10.41: ConocoPhillips – Upstream summary financial data (2003-2005) 145
Table 10.42: ConocoPhillips – Reserves data (2003-2005) 146
Table 10.43: ConocoPhillips – Reserves and production (2001-2005) 150
Table 11.44: Surgutneftegas – Key statistics 157
Table 11.45: Surgutneftegas – Summary financial information (2003-2005) 158
Table 12.46: Eni – Key statistics 167
Table 12.47: Eni – Summary financial information (2003-2005) 167
Table 12.48: Eni – Upstream summary financial data (2003-2005) 169
Table 12.49: Eni – Reserves data (2003-2005) 169
Table 12.50: Eni – Reserves and production (2001-2005) 173