IOC production falls 25% in past 12 years

The crude oil production of five major international oil companies: Exxon, BP, Shell, Chevron, and Total, has fallen by 25.8% over the past 12 years. This follows an historic high in 2004, when total combined crude production reached 10.76 MMbo/d. Production has fallen despite huge growth in investments by major IOCs, encouraged by the significant increase in crude oil prices since late 2000.

Production of five major IOCs, by Matthieu AuzanneauProduction of five major IOCs, 2000-2012 (Click to Enlarge)

Total oil production by the majors increased between 2008 and 2009, but only by 0.13 MMbo/d. Meanwhile, OPEC countries have increased productivity by 2.189 MMbo/d. The production share of the five majors in worldwide production dropped from 13.39% in 2004, to 9.98% in 2011.

In 2012, worldwide production appears to have increased significantly, in part due to the boom in shale oil in the United States.

Distilled from original post by Matthieu Auzanneau, freelance journalist in France, author of the Oil Man blog at Le Monde, where this post first appeared. Oil Man blog

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