Russian national oil companies (NOC) are set to have the highest oil and gas production entitlement by 2020, according to a report by GlobalData.
Titled ‘Quarterly Upstream Benchmarking of NOCs – Gazprom Leads in Total Production Outlook’, the report gives details about the total global oil and gas production for various NOCs for the period between 2018 and 2020.
The NOCs considered for the quarterly benchmarking include Gazprom, Rosneft Oil, Statoil, Oil and Natural Gas (ONGC), Ecopetrol, Petrobras and Petronas.
Among these NOCs, Gazprom is expected to have the highest production, which is projected to rise from 3,333 million barrels of oil equivalent (mmboe) to 3,591mmboe during the outlook period, while fellow Russian firm Rosneft’s production is set to rise from 2,064mmboe to 2,235mmboe.
Gazprom also leads in terms of remaining reserves with 84.5 billion barrels of oil equivalent (boe) in producing, planned and announced projects, while Rosneft occupies the second position with 37.3 billion boe.
Brazilian NOC Petronas has the lowest median break-even oil price of $7 per barrel across all of its planned and announced projects expected to start by 2025, followed by Rosneft with $13/bbl.
With regards to break-even gas price, Rosneft, Gazprom and Petrobras have the lowest median of $2/mcf.
The Russian firms are also set to assume a leadership position in terms of full-cycle capital expenditure (capex) per boe, with both having the lowest median of $7.7 per boe each, followed by Petrobras with $8.2 per boe.
Last year, Rosneft and Petrobras posted the highest annual total revenue of $107bn and $90.2bn, respectively.
Norwegian firm Statoil lead in terms of operating income for last year with $13.8bn, while Petrobras had $12bn and Rosneft $10.6bn.
Among the companies, Rosneft had the highest mergers and acquisitions (M&A) activity last year, followed by Petronas.
The Russian oil and gas firm engaged in seven transactions, with an aggregate deal value of $10.1bn, while the Brazilian firm had $8.5bn from five transactions.
The two firms also had the highest capital raising activity among the NOCs, with Rosneft raising $14.6bn and Petrobras with $13bn.
