The OPEC Monthly Oil Market Report for October 2021 was published this past week. The last month reported in each of the charts that follow is September 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line is monthly output and the red line is the centered twelve month average (CTMA) output.
The increase in remaining C&C reserves that has been seen over the last few years, and has come mostly from growth in Johan Sverdrup, has run its course and there was a significant drop in 2020, even as production continued to climb. The reserve replacement ratio has been 38%, 174%, -24%, -75% for 2017 through 2020.
The Norwegian NPD does not use the standard proven/probable/possible categories but based on the way growth occurs the dark colours are close to a P1 reserve number (producing or in development in NPD terms) and the light colour represents a resources or a P3 value (production in clarification or production likely but not yet evaluated). Growth mostly is given by moving resources from the light areas to the dark. New discoveries are usually initially added to the resources.
The OPEC Monthly Oil Market Report for September 2021 was published this past week. The last month reported in each of the charts that follow is August 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line is monthly output and the red line is the centered twelve month average (CTMA) output.
About the only place where properly audited estimates for OPEC’s claimed reserves are available is sub-Saharan Africa, principally Nigeria and Angola, but with Congo, Equatorial Guinea and Gabon as minor players. Except for some on-shore legacy production in Nigeria most of the fields are partly owned and wholly operated by western IOCs that are required to provide accurate estimates for reserves and revisions for SEC and other financial reports.
In the 10-k or 20-f reports the estimates are presented geographically with Africa seprated out and, usually, sub-Saharan Africa separated from North Africa, which is typically lumped with the Middle East (in which the IOCs now have little direct ownership in OPEC countries).
The OPEC Monthly Oil Market Report for August 2021 was published this past week. The last month reported in each of the charts that follow is July 2021 and output reported for OPEC nations is crude oil output in thousands of barrels per day (kb/d). In the charts that follow the blue line is monthly output and the red line is the centered twelve month average (CTMA) output.
