Gazprom Leads in Total Production Outlook Among NOCs to 2020, says GlobalData

Among national oil companies (NOCs) considered – Gazprom, Rosneft Oil Company, Statoil, Oil and Natural Gas Corporation Ltd. (ONGC), Ecopetrol SA and Petróleo Brasileiro S.A. (Petrobras), and Petroliam Nasional Berhad (Petronas) – Gazprom has the highest remaining reserves for producing, planned and announced fields, with 84.5 billion barrels of oil equivalent, followed by Rosneft with 37.3 billion barrels of oil equivalent, according to GlobalData, a leading data and analytics company.

Russian NOCs also lead in terms of oil and gas production entitlement by 2020. Gazprom has the highest production, which is expected to increase marginally from 3,333 million barrels of oil equivalent (mmboe) in 2018 to 3,591 mmboe by 2020. The production of Rosneft would also increase from 2,064 mmboe in 2018 to 2,235 mmboe by 2020. Only Ecopetrol’s production is expected to decrease from 194 mmboe in 2018 to 175 mmboe in 2020.

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Raj Shekhar, Oil & Gas Analyst at GlobalData, comments, “In terms of break-even oil price, Petronas leads with lowest median of US$7.0 per barrel, across all of its planned and announced projects expected to start by 2025. Rosneft is a distant second with break-even price of US$13/bbl.”

Rosneft, Gazprom and Petrobras have the lowest median for break-even gas price, US$2/mcf for each of the companies, across their planned and announced projects expected to start by 2025.

Rosneft and Gazprom have the lowest median for full cycle capex per barrel of oil equivalent (boe), with US$7.7 per boe each. Petrobras follows with US$8.2 per boe.

Shekhar continues, “Among the NOCs considered, Rosneft reported the highest annual total revenue of US$107 billion in 2017 followed by Petrobras with US$90.2 billion. In terms of operating income, Statoil is in lead with US$13.8 billion in 2017, followed by Petrobras with US$12 billion.”

Rosneft had the highest merges & acquisitions (M&A) activity in 2017 with total deal value of US$10.1 billion from seven transactions, followed by Petronas with US$8.5 billion from five transactions.

In terms of capital raising activity, Rosneft also leads among the NOCs considered with US$14.6 billion in 2017 from three transactions followed by Petrobras with US$13 billion from 12 transactions.