石油及びガス会社の上位10社：主要企業の成長戦略、吸収合併、及び統合

Abstract

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

Executive Summary

• Market context
• Abbreviations used
• Exxon Mobil Corporation
• OAO LUKOIL
• BP
• Chevron Corporation
• Petroleo Brasileiro S.A. (Petrobras)
• Royal Dutch Shell plc
• Total S.A.
• ConocoPhillips
• OAO Surgutneftegas
• Eni SpA

Chapter 1 Introduction

• What is this report about?
• Methodology

Chapter 2 Market context

• Summary
• Overview
• Market trends
• Sustained increase in oil prices since 2003
• Underlying causes for high oil prices
• 2005 - Record profits for Big Oil, but costs are increasing

Chapter 3 Exxon Mobil Corporation

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 4 OAO LUKOIL

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 5 BP

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 6 Chevron Corporation

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 7 Petroleo Brasileiro S.A.(Petrobras)

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 8 Royal Dutch Shell plc

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 9 Total S.A.

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 10 ConocoPhillips

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
  • Burlington Resources
  • LUKOIL
• SWOT Analysis
• Conclusions

Chapter 11 OAO Surgutneftegas

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions

Chapter 12 Eni SpA

• Summary
• Company Information
• Oil & Gas Operations
• Reserves & Production
• Upstream Strategy
• SWOT Analysis
• Conclusions
• Abbreviations

List of Figures

• Figure 2.1: Global population growth through 2050
• Figure 2.2: Energy demand outlook until 2030
• Figure 2.3: Europe Brent Spot Price FOB ($/Barrel), 1987-2005
• Figure 2.4: Year-on-year growth rate of global oil consumption, 1994-2004
• Figure 2.5: OPEC's spare capacity
• Figure 2.6: Distribution of global reserves (2004)
• Figure 2.7: Distribution of global natural gas reserves (2004)
• Figure 2.8: Natural gas market (bcf/d) - 2030
• Figure 3.9: Liquids reserves geographic mix (2005)
• Figure 3.10: Gas reserves geographic mix (2005)
• Figure 3.11: Exxon - Global liquids production (2001-2005)
• Figure 3.12: Exxon - Global gas production (2001-2005)
• Figure 3.13: Exxon - Gas and power opportunities
• Figure 3.14: SWOT Analysis: Exxon Mobil
• Figure 4.15: LUKOIL - Liquids reserves geographic mix (2004)
• Figure 4.16: LUKOIL - Gas reserves geographic mix (2004)
• Figure 4.17: LUKOIL - Global liquids production (2001-2004)
• Figure 4.18: LUKOIL - Global gas production (2001-2004)
• Figure 4.19: SWOT Analysis: LUKOIL
• Figure 5.20: BP - Liquids reserves geographic mix (2005)
• Figure 5.21: BP - Gas reserves geographic mix (2005)
• Figure 5.22: BP - Global liquids production (2001-2005)
• Figure 5.23: BP - Global gas production (2001-2005)
• Figure 5.24: BP - LNG business overview
• Figure 5.25: SWOT Analysis: BP
• Figure 6.26: Chevron - Liquids reserves geographic mix (2005)
• Figure 6.27: Chevron - Gas reserves geographic mix (2005)
• Figure 6.28: Chevron - Global liquids production
• Figure 6.29: Chevron - Global gas production (2001-2005)
• Figure 6.30: Chevron- Upstream portfolio and global gas strategy
• Figure 6.31: Chevron - Unocal Asset Portfolios
• Figure 6.32: SWOT Analysis: Chevron
• Figure 7.33: Petrobras - Liquids reserves geographic mix (2005)
• Figure 7.34: Petrobras - Gas reserves geographic mix (2005)
• Figure 7.35: Petrobras - Global liquids production(2001-2005)
• Figure 7.36: Petrobras - Global gas production (2001-2005)
• Figure 7.37: SWOT Analysis: Petrobas
• Figure 8.38: Shell - Liquids reserves geographic mix (2005)
• Figure 8.39: Shell - Gas reserves geographic mix (2005)
• Figure 8.40: Shell - Global liquids production(2001-2005)
• Figure 8.41: Shell - Global gas production (2001-2005)
• Figure 8.42: Shell - Key Projects (2006-12)
• Figure 8.43: SWOT Analysis: Royal Dutch Shell
• Figure 9.44: Total - Liquids reserves geographic mix (2005)
• Figure 9.45: Total - Gas reserves geographic mix (2005)
• Figure 9.46: Total - Global liquids production(2001-2005)
• Figure 9.47: Total - Global gas production (2001-2005)
• Figure 9.48: SWOT Analysis: Total
• Figure 10.49: ConocoPhillips - Liquids reserves geographic mix (2005)
• Figure 10.50: ConocoPhillips - Gas reserves geographic mix (2005)
• Figure 10.51: ConocoPhillips - Global liquids production (2001-2005)
• Figure 10.52: ConocoPhillips - Global gas production (2001-2005)
• Figure 10.53: ConocoPhillips - New Legacy Growth Areas
• Figure 10.54: SWOT Analysis: ConocoPhillips
• Figure 11.55: SWOT Analysis: OAO Surgutneftegas
• Figure 12.56: Eni - Liquids reserves geographic mix (2005)
• Figure 12.57: Eni - Gas reserves geographic mix (2005)
• Figure 12.58: Eni - Global liquids production(2001-2005)
• Figure 12.59: Eni - Global gas production (2001-2005)
• Figure 12.60: Eni - Main start-ups & exploration discoveries
• Figure 12.61: Eni -Portfolio for future growth
• Figure 12.62: SWOT Analysis: Eni

List of Tables

• Table 2.1: Top 10 oil/gas companies - Profitability
• Table 2.2: Top 10 reserve replacement ratios
• Table 3.3: Exxon - Key statistics
• Table 3.4: Exxon - Summary financial information (2003-2005)
• Table 3.5: Exxon - Upstream Summary Financial Data (2003-2005)
• Table 3.6: Exxon - Reserves Data (2003-2005)
• Table 3.7: Exxon - Reserves and Production (2001-2005)
• Table 4.8: LUKOIL - Key Statistics
• Table 4.9: LUKOIL - Summary financial information (2002-2004)
• Table 4.10: LUKOIL - Upstream Summary Financial Data (2002-2004)
• Table 4.11: LUKOIL - Reserves Data (2003-2005)
• Table 4.12: LUKOIL - Reserves and Production (2001-2005)
• Table 5.13: BP - Key Statistics
• Table 5.14: BP - Summary financial information (2003-2005)
• Table 5.15: BP - Upstream Summary Financial Data (2003-2005)
• Table 5.16: BP - Reserves data (2003-2005)
• Table 5.17: BP - Reserves and Production (2001-2005)
• Table 6.18: Chevron - Key Statistics
• Table 6.19: Chevron - Summary financial information (2003-2005)
• Table 6.20: Chevron - Upstream summary financial data (2003-2005)
• Table 6.21: Chevron - Reserves data (2003-2005)
• Table 6.22: Chevron - Reserves and Production (2001-2005)
• Table 6.23: Chevron - Project starts (2005-2008)
• Table 7.24: Petrobras - Key Statistics
• Table 7.25: Petrobras - Summary financial information (2003-2005)
• Table 7.26: Petrobras - Upstream summary financial data (2003-2005)
• Table 7.27: Petrobras - Reserves data (2003-2005)
• Table 7.28: Petrobras - Reserves and production (2001-2005)
• Table 8.29: Shell - Key statistics
• Table 8.30: Shell - Summary financial information (2003-2005)
• Table 8.31: Shell - Upstream summary financial data (2003-2005)
• Table 8.32: Shell - Reserves data (2003-2005)
• Table 8.33: Shell - Reserves and production
• Table 9.34: Total - Key statistics
• Table 9.35: Total - Summary financial information (2003-2005)
• Table 9.36: Total - Upstream summary financial data (2003-2005)
• Table 9.37: Total - Reserves data (2003-2005)
• Table 9.38: Total - Reserves and production (2001-2005)
• Table 10.39: ConocoPhillips - Key statistics
• Table 10.40: ConocoPhillips - Summary financial information (2003-2005)
• Table 10.41: ConocoPhillips - Upstream summary financial data (2003-2005)
• Table 10.42: ConocoPhillips - Reserves data (2003-2005)
• Table 10.43: ConocoPhillips - Reserves and production (2001-2005)
• Table 11.44: Surgutneftegas - Key statistics
• Table 11.45: Surgutneftegas - Summary financial information (2003-2005)
• Table 12.46: Eni - Key statistics
• Table 12.47: Eni - Summary financial information (2003-2005)
• Table 12.48: Eni - Upstream summary financial data (2003-2005)
• Table 12.49: Eni - Reserves data (2003-2005)
• Table 12.50: Eni - Reserves and production (2001-2005)