From the Field
Chevron least exposed to OPEC cuts
OSLO, December 7, 2016 – Among the word’s major oil companies, Chevron has the smallest share of production in the countries that have said they would reduce production, data from Norwegian consultants Rystad Energy has revealed.
According to figures released on Tuesday related to oil output in OPEC countries, Russia and Oman, the two nations likely to join the production cut, Chevron produces some 194,000 bopd, less than half compared with the nearest competitor, Eni.
Shell and ExxonMobil have similar shares, 586,000 bopd and 564,000 bopd, respectively, but their larger footprint in Russia increases their exposure to the fallout of the agreed-upon OPEC production ceiling compared with Eni. While not active in Russia, Total’s strong presence in OPEC members Angola and Qatar means its share of production stands at 670,000 bopd. In earlier comments, CEO Patrick Pouyanné said cuts could be made in Abu Dhabi and “potentially” Qatar.
Vast volumes of net production in Iraq and Angola put BP at the top of the list. BP’s 20% stake in Rosneft means that in the event Russia agrees to follow OPEC in reducing output, BP’s exposure to cuts the biggest of all at 1.6 million bopd.