A New Approach to Calculating the “Corporate” EROI

Abstract

The EROI is one of the most important indices to evaluate the net energy output of a source of primary energy (there is a lively debate on the usability of this kind of parameter, but here we will use it under the hypothesis that it is a good way to establish if an oil company has a level of efficiency close to other energetic sources). It is generally defined as the ratio between the energy extracted by a given resource and the energy costs sustained to extract that energy. We tried to set up an alternative method for the calculation of the EROI, taking (1) as a proxy of the energy costs the available data about the CO2 emissions of the oil companies, as reported in the sustainability reports (SRs), recommended by the international organisms such as IPCC and WBCSD, although not mandatory, and (2) as a proxy of the energy extracted the CO2 emissions estimate obtained by a stoichiometric conversion of the oil/gas production declared by the oil companies. Both proxies have been also corrected to take into account the different CO2 emission rate per unit energy of oil and gas. The resulting estimates of EROI are rather homogeneous and not too different from the values reported in the literature. The method could be suitable for year-by-year comparison of the time evolution of this important energy quality parameter for the individual energy-producing and energy-delivering companies.

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Notes

  1. 1.

    Each oil company draws up its SR and, where available, this document can be found on the website of the oil company itself. In Appendix 2, we leave a foot-page note with the web addresses where we have found the SR, for each oil company examined.

  2. 2.

    For a complete list of the activities pertaining to Scope 3, and for a general overview about the Scope identification and goals, see GHGPT (2011)—for detailed list pp. 34–37.

  3. 3.

    For the method of calculation, see the Appendix 1.

  4. 4.

    Shell Annual Report and Form 20-F 2015. Available online at: http://reports.shell.com/annual-report/2015/servicepages/downloads/files/entire_shell_ar15.pdf.

  5. 5.

    Ibid, p. 23.

  6. 6.

    Shell Sustainability Report, p. 52. Available online at http://reports.shell.com/sustainability-report/2015/servicepages/downloads/files/entire_shell_sr15.pdf.

  7. 7.

    From the website “World Atlas”: http://www.worldatlas.com/articles/biggest-oil-companies-in-the-world.html.

  8. 8.

    One complication to retrieve data concerns the “place”: sometimes they are in the Sustainability Report, some other times are in the Annual Report, other are on the website of the company.

  9. 9.

    In Appendix 2, the first case discussed is Saudi Aramco and there we have described the entire procedure to obtain exactly this value.

  10. 10.

    https://energifaktanorge.no/en/om-energisektoren/verdt-a-vite-om-norsk-energipolitikk/.

  11. 11.

    Page 52 of Shell Sustainability Report 2015.

  12. 12.

    Available at: http://www.eninorge.com/Documents/Rapporter/WOGR%202015%20unico.pdf.

  13. 13.

    Available at: http://www.saudiaramco.com/content/dam/Publications/annual-review/2015/English/AR-2015-SaudiAramco-English-full.pdf. All websites on this section are checked in June 27 and 28, 2017.

  14. 14.

    https://www.forbes.com/sites/ellenrwald/2017/02/25/the-worlds-biggest-ipo-is-coming-what-you-should-know-about-aramco/#5749cfa4535f.

  15. 15.

    http://af.reuters.com/article/energyOilNews/idAFL4N0P807H20140627.

  16. 16.

    http://www.cnpc.com.cn/en/xhtml/pdf/2015_Annual_Report_online/0-2015_Annual_Report.pdf.

  17. 17.

    http://www.petrochina.com.cn/petrochina/xhtml/images/shyhj/2015kcxfzbgen02.pdf.

  18. 18.

    http://cdn.exxonmobil.com/~/media/global/files/corporate-citizenship-report/2015_corporate_citizenship_report_full_approved-pdf.pdf.

  19. 19.

    https://reports.shell.com/sustainability-report/2015/servicepages/downloads/files/entire_shell_sr15.pdf.

  20. 20.

    https://www.kpc.com.kw/Sustainability%20Reports/KPI%20CSR%20Report%202012.pdf.

  21. 21.

    https://www.q8oils.com/en-us/en/mainnavigation/aboutus.aspx.

  22. 22.

    https://www.bp.com/content/dam/bp/pdf/sustainability/group-reports/bp-sustainability-report-2015.pdf.

  23. 23.

    http://www.total.com/sites/default/files/atoms/files/registration_document_2015.pdf.

  24. 24.

    http://www.lukoil.ru/FileSystem/PressCenter/27396.pdf?dl=1.

  25. 25.

    http://www.lukoil.com/Responsibility/SafetyAndEnvironment/Ecology/GasEmissionRegulation.

  26. 26.

    https://www.eni.com/docs/en_IT/enicom/company/fact-book-2015-eng.pdf.

  27. 27.

    https://www.eni.com/docs/en_IT/enicom/sustainability/eni_for_2015_report_eng_.pdf.

  28. 28.

    https://www.energievalero.ca/en-ca/PublishingImages/Company/ResourceCenter/2015%20Social%20Responsability%20Report.pdf.

  29. 29.

    http://www.petrobras.com.br/lumis/portal/file/fileDownload.jsp?fileId=8A8B2D16572EBA5C0158D44479594FC5.

  30. 30.

    https://www.chevron.com/-/media/chevron/annual-report/2015/2015-Annual-Report.pdf.

  31. 31.

    https://www.chevron.com/-/media/chevron/shared/documents/2015-corporate-responsibility-report.pdf.

  32. 32.

    http://uk.reuters.com/article/venezuela-pdvsa-production-idUKL2N0XE1CE20150420.

  33. 33.

    http://www.pemex.com/responsabilidad/sustentable/informes/Documents/informeresponsabildiad_2014.pdf.

  34. 34.

    http://www.pemex.com/en/investors/publications/Indicadores%20Petroleros%20Archivos/eprohidro_ing.pdf.

  35. 35.

    http://www.nioc.ir/portal/home/default.aspx?categoryid=1749ab39-6590-49b0-a616-930afcbc8233&tabno=4.

  36. 36.

    http://cdiac.ornl.gov/ftp/trends/emissions/ira.dat.

  37. 37.

    http://www.gazprom.com/about/production/extraction/.

  38. 38.

    http://www.gazprom.com/f/posts/12/001311/gazprom-ecology-report-2015-en.pdf.

  39. 39.

    http://www.petronas.com.my/media-relations/media-releases/Pages/article/Q1-FY2016.aspx.

  40. 40.

    http://www.petronas.com.my/sustainability/Documents/sustainability-report/SustainabilityReport2015.pdf.

  41. 41.

    http://www.cnooc.com.cn/attach/0/1605101600110775579.pdf.

  42. 42.

    http://www.marathonpetroleum.com/content/documents/Citizenship/2016/2016_Citizenship_Report.pdf.

  43. 43.

    https://www.pttep.com/en/OurBusiness/Publications/2015Annualreport.aspx.

  44. 44.

    https://www.rosneft.com/upload/site2/document_file/RN_SR2016_eng_20160929.pdf.

  45. 45.

    http://www.hd.jxtg-group.co.jp/english/ir/library/annual/2014/pdf/jx_en_ar_fy2014.pdf.

  46. 46.

    https://www.unglobalcompact.org/system/attachments/cop_2015/222541/original/csr_report-2015-en.PDF?1451012531.

  47. 47.

    https://www.statoil.com/content/dam/statoil/documents/sustainability-reports/statoil-sustainability-report-2015.pdf.

  48. 48.

    https://www.iocl.com/download/Sustainability_Report_2015-16.pdf.

  49. 49.

    http://www.sonatrach.dz/docs/rapport_annuel_2014.pdf.

  50. 50.

    http://www.ril.com/DownloadFiles/SustainiabilityReports/RIL's%20G4%20Sustainability%20Report%202014-15.pdf.

  51. 51.

    http://www.pertamina.com/media/d2d30686-149d-4121-a63e-0dd6a776d1ee/SR_Pertamina_2015.pdf.

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Correspondence to Luciano Celi.

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Appendices

Appendix 1

We have calculated the mean API degree with the support of O&G. World Oil and Gas review 2015.Footnote 12 This report, drawn up by ENI, on page 85 shows a graph “Quality and Production Volume of Main Crudes 2014” for the worldwide production of oil.

figurea

To perform the calculation, we pick up two points in the midline of every circle. In this way, we have calculated the diameter and also the area for each circle, normalized with the standard circle—the unit of 500 thousand of barrels/day. Therefore, in this way we retrieve two informations: the amount of the production and the API degree for that production. To establish the weight of each contribution, we have calculated a simple weighted average, considering that for each circle the center represents the exact API degree:

Site 1st point 2nd point Area 1000 barrels/day API degree Weighted mean
Default value in legenda 11.72 9.60 3.54 500.00   32.20
UL—Urals (Russia) 35.11 26.44 59.06 8334.88 30.77  
BB—Brent Blend (UK) 39.39 38.32 0.90 126.89 38.85  
BR—Bow River (Canada) 23.74 21.75 3.14 442.88 22.74  
DR—Duri (Indonesia) 22.50 20.90 1.99 280.90 21.70  
IH—Iran Heavy (Iran) 31.58 27.85 10.96 1546.94 29.72  
ML—Marlim (Brazil) 20.92 18.63 4.09 577.15 19.77  
OM—Oman (Oman) 35.98 33.02 6.89 972.37 34.50  
SG—Shengli (China) 27.13 24.87 4.01 566.08 26.00  
VS—Vasconia (Colombia) 25.30 23.26 3.26 459.88 24.28  
WT—West Texas (USA) 42.59 39.17 9.19 1297.08 40.88  
KW—Kuwait (Kuwait) 32.88 28.19 17.31 2442.01 30.53  
DQ—Daqing (China) 33.61 30.83 6.06 855.31 32.22  
EK—Ekofisk (UK, Norway) 39.28 37.74 1.87 263.19 38.51  
DU—Dubai (UAE) 30.15 29.50 0.33 46.97 29.83  
MU—Murban (UAE) 41.31 37.69 10.32 1456.39 39.50  
AN—Alaskan (USA) 32.55 30.45 3.44 485.05 31.50  
SH—Saharan (Algeria) 46.16 43.05 7.57 1068.52 44.60  
WS—West Texas Sour (USA) 32.81 30.59 3.90 550.16 31.70  
AL—Arab Light (Saudi Arabia) 36.81 29.77 39.01 5505.45 33.29  
AM—Arab Med. (Saudi Arabia) 32.01 28.78 8.21 1159.15 30.39  
CB—Cabinda (Angola) 32.75 31.43 1.35 190.78 32.09  
EP—Espo (Russia) 36.03 33.16 6.46 912.27 34.59  
IL—Iranian Light (Iran) 34.47 32.14 4.25 599.63 33.30  
AE—Arab Extra (Saudi Arabia) 41.00 38.01 7.02 990.84 39.51  
PZ—Pazflor (Angola) 26.13 25.04 0.93 131.68 25.59  
TL—Troll (Norway) 35.60 34.26 1.41 199.31 34.93  
ZU—Upper Zakum (UAE) 35.46 32.89 5.20 733.17 34.18  
MB—Mixed Blend (Canada) 40.63 38.06 5.19 732.60 39.34  
BL—Basrah Light (Iraq) 31.45 26.53 19.03 2685.00 28.99  
CH—Changqing (China) 30.01 27.96 3.30 465.77 28.99  
ES—Es Sider (Libia) 37.66 36.87 0.49 68.47 37.26  
IS—Isthmus (Mexico) 33.66 30.92 5.93 836.94 32.29  
MV—Merey (Venezuela) 19.30 16.70 5.30 747.49 18.00  
QI—Qua Iboe (Nigeria) 36.15 34.86 1.30 183.01 35.51  
TP—Tapis (Malaysia) 43.43 41.99 1.62 227.91 42.71  
BK—Bakken Blend (USA) 42.98 39.82 7.81 1101.82 41.40  
AZ—Azeri Light (Azerbaijan) 36.42 33.99 4.65 655.52 35.20  
AH—Arab Heavy (Saudi Arabia) 29.89 26.71 7.92 1117.25 28.30  
CL—Cold Lake (Canada) 21.33 18.07 8.34 1177.14 19.70  
FT—Forties (UK) 40.54 38.64 2.84 401.36 39.59  
KB—Kirkuk Blend (Iraq) 33.77 31.80 3.06 431.87 32.78  
MY—Maya (Mexico) 23.78 20.40 8.94 1261.69 22.09  
MN—Minas (Indonesia) 34.61 33.31 1.32 186.15 33.96  
TZ—Tengiz (Kazakistan) 47.56 45.33 3.88 547.70 46.44  
EF—Eagle Ford (USA) 42.76 40.05 5.76 813.35 41.40  

Appendix 2

Some Methodological Considerations

The SR analyzed are different each other and there are no standards followed by the oil companies, so it is necessary to stress some points:

  • Some SR subdivided the company emissions into direct and indirect, complying with the guidelines issued by the GHG Protocol. For these companies, we have calculated two kinds of EROI; in the first case only for direct emission caused by the company and, in the second one, for the sum of direct and indirect emissions. Often, we will see, there are small differences between these two values.

  • Some SR reports the emissions subdivided into CO2 and other GHG (NOx, SOx, etc.), while better reports give us the value in CO2 equivalent—the value normally used to calculate the EROI. In the first case, when we do not have this information, we had considered only the CO2 emission, because it is, however, the most relevant contribution.

  • The companies examined are usually “oil & gas.” The production sometimes is reported separately for oil and gas, sometimes is put together, in tons (TOE) or barrels of oil equivalent (BOE). In all cases, we have converted the data into the best way to calculate the EROI estimate.

  • The list of the companies examined has a descending order by revenues, from the highest to the lowest. In some cases, the companies are not involved only in extraction activities, but also make services for other companies (refinery, storing, transport, and so forth). In these cases, the EROI of the company examined falls down because values of extraction for oil and gas are low, but those of emissions are high—and in some cases even unrealistically because under the unity. This could mean indirectly that many oil companies—already with a not large EROI—in spite of the “Scope 3” indicated in the GHG Protocol, make outsourcing.

Calculation Method

  1. 1.

    It takes the initial production data which, fortunately, is almost always expressed in millions of barrels a day—and where it is not, it has been converted into this form [barrels/day], or, depending on how the emissions were expressed, it is left as a value in tons of daily (or yearly) oil production;

  2. 2.

    In the case of daily production, obviously it has been multiplied by 365 to obtain the annual production (always either in barrels per year or in tons per year);

  3. 3.

    If the value is expressed in barrels, the value obtained in the previous step is multiplied by the conversion factor between cubic meters [m3] and barrels. The barrel of oil is 159 liters. One m3 is 1000 L and therefore the factor 0.159 [m3/barrels];

  4. 4.

    This value is then multiplied by the average oil density that we have calculated previously (see Appendix 1), whence the value of 863.6 [kg/m3] came out;

  5. 5.

    The last operation to be carried out—if the emissions are in tons of CO2 equivalent—is the multiplication related to the stoichiometric ratio between the molecular weight of a chain (the simplest) of hydrocarbons (methylene-CH2: 14.03 g/mol) and carbon dioxide (CO2: 44.01 g/mol), with a value of 3.14.

The dimensional analysis is as follows:

[barrels/year] × [m3/barrels] = [m3/year] × [kg/m3] = [kg/year] whence it is easier to infer the tons or million tons to be compared to the emissions.

As we can see in the following analysis it is quite difficult to have a valid value of emissions for oil companies outside the Western Countries, like the Arabian or the Middle East. Unfortunately, their “specific weight” is very high: for example, the first company of the list, Saudi Aramco, covers 10% of the oil market alone. In this appendix, we will discuss, case by case, the companies and the finding outcomes.

#01. SAUDI ARAMCO—EROI: 52.29

This is the biggest oil company in the world, but its Annual Report 2015Footnote 13 offers only the oil production (p. 8) and no information about emissions. The company is property of the Saudi Monarchy but has recently announced,Footnote 14 for a small portion (5%) of the entire capital, the launch of an IPO (Initial Public Offering) to enter in the Stock Exchange. The only useful information to know something about emissions is the intensity of energy requested for the production of one barrel of oil equivalent (1 BOE), expressed in thousands of BTU and equal to 108 for the 2015 (p. 66). The production is given separately between oil (91%) and NGL (9%). In this way, we have found an EROI at “mouth of the well” very high—probably because the operation involved is only the extraction.

SAUDI ARAMCO
Oil  
 10,200,000.00 barrels/daya
 365.00 day/year
 3,723,000,000.00 barrels/year
 137.23 barrels > kg
 510,892,546,920.00 kg/year
 510.89 mtons/year
 3.14 CO2/CH2
 1602.59 mtCO2eq/year
NGL  
 1,300,000.00 barrels/dayb
 365.00 day/year
 474,825,000.00 barrels/year
 1,994,265,000.00 btu conversion
 356,118,750.00 crude conversion
 137.23 barrels > kg
 48,868,765,832.25 kg/year
 48.87 mtons/year
 2.74 CO2/CH4
 134.08 mtCO2eq/year
Oil & gas  
 1736.68 mtCO2eq/year
Emissions  
 108,000.00 btu/barrel
 453,365,100,000,000.00 btu
 77,072,067.00 btu > boe
 137.23 barrels > kg
 10,576,599,754.41 kg/year
 10.58 mtons/year
 3.14 CO2/CH2
 33.21 mtCO2eq/year
EROI  
 52.29 at “mouth of well”
  1. aSaudi Aramco Annual Report 2015, p. 8
  2. bSaudi Aramco Annual Report 2015, p. 66

#02. SINOPEC—EROI: 1.67

The data are referred for the 2014 because there are no values, inside the SR, about emissions. OnlineFootnote 15 we have found an intensity value: «As part of its energy efficiency programme Sinopec aims to raise efficiency by 20 percent in 2014, or 14 million tons of coal equivalent, by cutting consumption at its refineries and power plants and improving its oil pumping systems». If 14 million are the 20%, then we presume that the 100% are 70 million. It was necessary to convert the value in TCE (tons of coal equivalent) in TOE (tons of oil equivalent) via BTU. The results are listed in the following table. The EROI found is very low but, in the same way of the previous case, we are talking about a national company and probably, here, the EROI includes the entire cost, up to the final user.

SINOPEC  
Oil  
 471,910,000.00 boe/yeara
 137.23 barrels > kg
 64,760,209,300.00 kg/year
 64.76 mtons/year
Gas  
 734.79 bcf/yearb
 1000.00 cf > btu
 734,790,000,000,000.00 btu/year
 124,914,300.00 btu > boe
 137.23 barrels > kg
 17,141,989,389.00 kg/year
 17.14 mtons/year
Oil & gas  
 81.90 mtons/year
Emissions  
 70,000,000.00 TCE
 1,943,176,747,400,000.00 BTU
 48,967,230.34 toe > tons
 48.97 mtons
EROI  
 1.67  
  1. aSinopec Annual Report and Accounts 2015, p. 12, available at: http://www.sinopec.com/listco/en/Resource/Pdf/2016032918C.pdf
  2. b http://www.statista.com/statistics/227293/sinopecs-natural-gas-production/

For the calculation of the EROI of Chinese oil companies, we also consulted Zhao-Yang Kong et al. (2016).

#03. CHINA NATIONAL PETROLEUM COMPANY (CNPC)—EROI: NOT AVAILABLE

The production data are available on the Annual Report 2015 (p. 7)Footnote 16 and is separated for oil and gas. However, nothing is possible to know about emissions. Therefore, the value of EROI is not available.

CHINA NATIONAL PETROLEUM
Oil  
 111.43 mtoe/year
 3.14 CO2/CH2
 349.54 mtCO2eq/year
Gas  
 95.48 bcm/year
 3,371,844,691,600,000.00 bcm > btu
 573,213,597.57 btu > boe
 137.23 barrels > kg
 78,662,101,994.81 kg/year
 78.66 mtons/year
 3.14 CO2/CH2
 247.00 mtCO2eq/year
Oil & gas  
 596.54 mtCO2eq/year
Emissions  
 Not available  
EROI  
 Not available  

#04. PETROCHINA—EROI: 3.63

The aggregate production data for oil and gas can be found on page 3 of the report,Footnote 17 while the emissions—issued in TCE—are under the heading “total energy consumption.” The value of EROI thus determined is therefore very low.

PETROCHINA
Oil  
 961,630,000.00 boe/year
 137.23 barrels > kg
 131,964,484,900.00 kg/year
 131.96 mtons/year
Gas  
 3131.00 bcf/yeara
 3,131,000,000,000,000.00 bcf > btu
 532,270,000.00 btu > boe
 137.23 barrels > kg
 73,043,412,100.00 kg/year
 73.04 mtons/year
Oil & gas  
 205.00 mtons/year
Emissions  
 80.77 TCE
 56.51 mtons/year
EROI  
 3.63  
  1. a https://www.statista.com/statistics/232509/natural-gas-production-volume-of-petrochina/

#05. EXXON MOBIL—EROI: 7.59

The production data are available on the Annual Report (p. 5).Footnote 18 The output data are on the Corporate Citizenship Report at p. 35.

EXXON
Oil  
 4,097,000.00 barrels/day
 365.00 day/year
 1,495,405,000.00 barrels/year
 137.23 barrels > kg
 205,214,428,150.00 kg/year
 205.21 mtons/year
 3.14 CO2/CH2
 644.37 mtCO2eq/year
Gas  
 10,515.00 mcf/day
 3,837,975.00 mcf/year
 1000.00 cf > btu
 3,837,975,000,000,000.00 btu/year
 652,455,750.00 btu > boe
 137.23 barrels > kg
 89,536,502,572.50 kg/year
 89.54 mtons/year
 3.14 CO2/CH2
 281.14 mtCO2eq/year
Oil & gas  
 925.51 mtCO2eq/year
Emissions  
 122.00 mtCO2eq/year
EROI  
 7.59  

#06. SHELL—EROI: 7.75, 6.88

The SRFootnote 19 reports 3 million barrels of oil equivalent per day (p. 5), direct emissions of 72 million tons annually, and indirectly of 9 million tons (p. 52). So the values are listed in the following table.

SHELL
Oil  
 3,000,000.00 barrels/day
 365.00 day/year
 1,095,000,000.00 barrels/year
 137.23 barrels > kg
 150,262,513,800.00 kg/year
 150.26 mtons/year
 3.14 CO2/CH2
 471.35 mtCO2eq/year
Gas  
 22.60 million tons gas/yeara
 201,140,000.00 mtons > boe
 137.23 barrels > kg
 27,602,442,200.00 kg/year
 27.60 mtons/year
 3.14 CO2/CH2
 86.67 mtCO2eq/year
Oil & gas  
 558.02 mtCO2eq/year
Emissions #1  
 72.00 mtCO2eq/year
Emissions #2  
 81.00 mtCO2eq/year
EROI #1  
 7.75  
EROI #2  
 6.88  
  1. a http://reports.shell.com/annual-report/2015/strategic-report/upstream/production.php

#07. KUWAIT PETROLEUM—EROI: 19.86

There is an anomaly because the last SRFootnote 20 (to know the emissions) is referred to 2012, while the production is onlineFootnote 21 «With 120 years of known reserves and crude oil production levels of 2.9 million barrels per day, it is ranked the seventh largest oil producer in the world». The data about GHG emissions are shown separately (SR, page 25). If we sum all values the result is 7983 tons per year, but anyway the EROI is rather high.

KUWAIT
Oil  
 2,900,000.00 barrels/day
 365.00 day/year
 1,058,500,000.00 barrels/year
 137.23 barrels > kg
 145,253,763,340.00 kg/year
 145.25 mtons/year
Gas  
 16.06 bcm/yeara
 567,153,600,200,000.00 bcm > btu
 96,416,112.03 btu > boe
 137.23 barrels > kg
 13,231,183,054.43 kg/year
 13.23 mtons/year
Oil & gas  
 158.48 mtons/year
Emissions  
 7.98 mtons/year
EROI  
 19.86  
  1. a https://ycharts.com/indicators/kuwait_natural_gas_production

#08. BP—EROI: 11.23, 9.74

We have two results calculated for direct and indirect emissions. All data are available on the SR,Footnote 22 page 8.

BP
Oil  
 729,649,388.00 barrels/year
 137.23 barrels > kg
 100,129,785,515.24 kg/year
 100.13 mtons/year
 3.14 CO2/CH2
 314.41 mtCO2eq/year
Gas  
 7,146.00 mcf/daya
 2,608,290.00 mcf/year
 2,608,290,000,000,000.00 mcf > btu
 443,409,300.00 btu > boe
 137.23 barrels > kg
 60,849,058,239.00 kg/year
 60.85 mtons/year
 3.14 CO2/CH2
 191.07 mtCO2eq/year
Oil & gas  
 505.48 mtCO2eq/year
Emissions #1  
 45.00 mtCO2eq/year
Emissions #2  
 51.90 mtCO2eq/year
EROI #1  
 11.23  
EROI #2  
 9.74  
  1. a http://statista.com/statistics/305232/natural-gas-reserves-and-production-of-bp/

#09. TOTAL SA—EROI: 10.81

The website is a little bit disorganized, but all data about 2015 are in the “registration document”Footnote 23: the production on page 1 and the emissions on page 145.

TOTAL SA  
Oil  
 2,347,000.00 boe/day
 365.00 day/year
 856,655,000.00 barrels/year
 137.23 barrels > kg
 117,555,373,296.20 kg/year
 117.56 mtons/year
 3.14 CO2/CH2
 368.75 mtCO2eq/year
Gas  
 66.40 bcm/year (2016)a
 2,344,894,088,000,000.00 bcm > btu
 398,631,994.96 btu > boe
 137.23 barrels > kg
 54,704,268,668.36 kg/year
 54.70 mtons/year
 3.14 CO2/CH2
 171.77 mtCO2eq/year
Oil & gas  
 540.52 mtCO2eq/year
Emissions  
 50.00 mtCO2eq/year
EROI  
 10.81  
  1. a https://www.total.com/en/news/natural-gas-integral-part-totals-strategy

#10: LUKOIL—EROI: 5.83

There are no data for the same year. We have picked up the data about production from the annual report 2015Footnote 24 (page 227) and, for the emissions, the only sure data come from the website of the company,Footnote 25 even if they cover 5 years (2008–2012). We simply calculated an arithmetic mean of the available data over the 5 years.

LUKOIL  
Oil  
 736,000,000.00 boe/year
 137.23 barrels > kg
 101,001,280,000.00 kg/year
 101.00 mtons/year
 3.14 CO2/CH2
 317.14 mtCO2eq/year
Gas  
 154,000,000.00 boe/yeara
 137.23 barrels > kg
 21,133,420,000.00 kg/year
 21.13 mtons/year
 3.14 CO2/CH2
 66.36 mtCO2eq/year
Oil & gas  
 383.5 mtCO2eq/year
Emissions  
 65.74 mtCO2eq/year
EROI  
 5.83  
  1. a http://www.lukoil.com/FileSystem/9/227307.xlsx?dl=1 downloadable from: http://www.lukoil.com/Business/Upstream/DevelopmentAndProduction

#11: ENI—EROI: 10.43

ENI produces 1.76 million of BOE per day (p. 4 of “ENI Fact Book”)Footnote 26 and sustains to emit 38.5 million of tons of GHG (direct emissions, p. 4 of SR).Footnote 27

ENI  
Oil  
 1,760,000.00 barrels/day
 365.00 day/year
 642,400,000.00 barrels/year
 137.23 barrels > kg
 88,154,008,096.00 kg/year
 88.15 mtons/year
 3.14 CO2/CH2
 276.53 mtCO2eq/year
Gas  
 4,681.00 mcf/day
 1,708,565.00 mcf/year
 1,708,565,000,000,000.00 bcm > btu
 290,456,050.00 btu > boe
 137.23 barrels > kg
 39,859,283,741.50 kg/year
 39.86 mtons/year
 3.14 CO2/CH2
 125.16 mtCO2eq/year
Oil & gas  
 401.69 mtCO2eq/year
Emissions  
 38.50 mtCO2eq/year
EROI  
 10.43  

#12: VALERO—EROI: NOT AVAILABLE

Valero is basically a tertiary company that is likely to refine oil and other materials for other companies, at claimed least according to what is declared on its SR: «Valero Energy Corporation, through its subsidiaries, is a global manufacturer, distributor and marketer of transport fuels, petrochemical Products and power. Valero’s subsidiaries employ approximately 10,000 people, and assets include 15 petroleum refineries with a combined throughput capacity of approximately 3 million barrels per day, 11 ethanol plants with a combined production capacity of 1.3 billion gallons per year» (p. 2 of the SR).Footnote 28 Even if it is rather difficult to estimate the amount of treated materials, the problem remains that data about emissions are lacking.

#13: PETROBRAS—EROI: 5.65

Both production and emissions are available on the SR (p. 2).Footnote 29

PETROBRAS  
Oil  
 2,230,000.00 barrels/daya
 813,950,000.00 barrels/year
 137.23 barrels > kg
 111,698,358,500.00 kg/year
 111.70 mtons/year
 3.14 CO2/CH2
 350.73 mtCO2eq/year
Gas  
 560,000,00 barrels/day
 204,400,000,00 barrels/year
 137.23 barrels > kg
 28,049,812,000,00 kg/year
 28.05 mtons/year
 3.14 CO2/CH2
 88.08 mtCO2eq/year
Oil & gas  
 438.81 mtCO2eq/year
Emissions  
 77.70 mtCO2eq/year
EROI  
 5.64  
  1. a http://www.investidorpetrobras.com.br/en/press-releases/oil-and-natural-gas-production-2015

#14: CHEVRON—EROI: 9.70

The production is available on the annual reportFootnote 30 (p. 5), while the value of emissions on the SRFootnote 31 (p. 24).

CHEVRON  
Oil  
 2,622,000.00 boe/day
 365.00 day/year
 957,030,000.00 boe/year
 137.23 barrels > kg
 131,333,226,900.00 kg/year
 131.33 mtons/year
 3.14 CO2/CH2
 411.97 mtCO2eq/year
Gas  
 5269.00 mcf/day
 1,923,185.00 mcf/year
 1,923,185,000,000,000.00 bcm > btu
 326,941,450.00 btu > boe
 137.23 barrels > kg
 44,866,175,183.50 kg/year
 44.87 mtons/year
 3.14 CO2/CH2
 140.88 mtCO2eq/year
Oil & gas  
 552.85 mtCO2eq/year
Emissions  
 57.00 mtons/year
EROI  
 9.70  

#15: PDVSA (Venezuela)—EROI: NOT AVAILABLE

The production is retrieved from a communication agency (Reuters)Footnote 32 but nothing is possible to know about emissions. The company website in some part is “updated” at 2007 and, nowadays, the country has more serious problems to face.

PDVSA  
Oil  
 2,863,000.00 barrels/day
 1,044,995,000.00 barrels/year
 137.23 barrels > kg
 143,404,663,850.00 kg/year
 143.40 mtons/year
 3.14 CO2/CH2
 450.29 mtCO2eq/year
Gas  
 5296.00 mcf/daya
 1,933,040.00 mcf/year
 1,933,040,000,000,000.00 mcf > btu
 328,616,800.00 btu > boe
 137.23 barrels > kg
 45,096,083,464.00 kg/year
 45.10 mtons/year
 3.14 CO2/CH2
 141.60 mtCO2eq/year
Oil & gas  
 591.89 mtCO2eq/year
Emissions  
 Not available  
EROI  
 Not available  
  1. a http://www.pdvsa.com/index.php?option=com_content&view=article&id=6545&Itemid=900&lang=en

#16: PEMEX—EROI: 7.88

The SR is updated to 2014,Footnote 33 therefore we carried out the calculation for this year. Data about emissions can be found on the SR (p. 87), while the production is available in the monthly petroleum statistics.Footnote 34

PEMEX  
Oil  
 773,825,550.00 barrels/year
 137.23 barrels > kg
 106,192,080,226.50 kg/year
 106.19 mtons/year
 3.14 CO2/CH2
 333.44 mtCO2eq/year
Gas  
 3,929.00 mcf/daya
 1,434,085.00 mcf/year
 1,434,085,000,000,000.00 bcm > btu
 243,794,450.00 btu > boe
 137.23 barrels > kg
 33,455,912,373.50 kg/year
 33.46 mtons/year
 3.14 CO2/CH2
 105.05 mtCO2eq/year
Oil & gas  
 438.49 mtCO2eq/year
Emissions  
 55.62 mtCO2eq/year
EROI  
 7.88  
  1. a http://www.pemex.com/en/investors/publications/Indicadores%20Petroleros%20Archivos/eprodcrudo_ing.pdf

#17: NATIONAL IRANIAN OIL COMPANY (NIOC)—EROI: 1.30

The production data can be found on the company’s website at the following address: http://www.nioc.ir/portal/Home/ShowPage.aspx?Object=NEWS&ID=84aedbc4-c7e4-4f49-9b3b-ae95787258d7&LayoutID=ba9beea1-5bfb-4b05-8edf-39b84db5a4ec&CategoryID=a034ee3f-1acf-4bad-a4af-1bbbf5c1e716. Site copyright is 2009, while the “headline” (a sort of recent news roll) dates back to 2012. The webpage about reports exists, but it is a kind of empty box.Footnote 35 The general feeling is that the site was abandoned, especially because the page where the reports should be found has no content. The only information available on the web is an old estimate of the CO2 consumption of the ALL nation in 2008,Footnote 36 and this—even if we assume NIOC as the only Iranian oil producer—makes EROI very low, and probably biased. However, in the table the calculation is illustrated.

NATIONAL IRANIAN OIL COMPANY
Oil  
 489,349,513.14 barrels/year
 137.23 barrels > kg
 67,153,433,688.20 kg/year
 67.15 mtons/year
 3.14 CO2/CH2
 210.86 mtCO2eq/year
Gas  
 189.04 bcm/yeara
 6,675,885,216,800,000.00 bcm > btu
 1,134,900,486.86 btu > boe
 137.23 barrels > kg
 155,742,393,811.25 kg/year
 155.74 mtons/year
 3.14 CO2/CH2
 489.03 mtCO2eq/year
Oil & gas  
 699.89 mtCO2eq/year
Emissions  
 146,824.00 thousand metric tons of carbon
 3.67 conversion factor
 538,403.61 thousand tCO2eq/year
 538.40 mtCO2eq/year
EROI  
 1.30  
  1. a http://en.nioc.ir/Portal/File/ShowFile.aspx?ID = a05977b6-5baf-4f8a-acb7-4f6da39133e6

#18: GAZPROM—EROI: 11.65

The production for 2015 is on the websiteFootnote 37: 418.5 billion cubic meters of gas; 15.3 million tons of gas condensate and 36 million tons of oil. The data about emissions are on the SR,Footnote 38 p. 23.

GAZPROM  
Oil  
 36.00 mtons/year
 3.14 CO2/CH2
 112.93 mtCO2eq/year
Gas  
 418.50 bcm/year
 14,779,189,395,000,000.00 bcm > btu
 2,512,462,197.15 btu > boe
 137.23 barrels > kg
 344,785,187,314.89 kg/year
 344.79 mtons/year
 3.14 CO2/CH2
 1082.63 mtCO2eq/year
Gas condensate  
 15.30 mtons/year
 136,170,000.00 mtons > boe
 137.23 barrels > kg
 18,686,609,100.00 kg/year
 18.69 mtons/year
 3.14 CO2/CH2
 58.68 mtCO2eq/year
Oil & gas  
 1195.56 mtCO2eq/year
Emissions  
 102.60 mtCO2eq/year
EROI  
 11.65  

#19: PETRONAS—EROI: 7.93

The production is on the company website,Footnote 39 while the emissions are on the SR,Footnote 40 p. 60.

PETRONAS  
Oil  
 641,301,500.00 barrels/year
 137.23 barrels > kg
 88,005,804,845.00 kg/year
 88.00 mtons/year
 3.14 CO2/CH2
 276.33 mtCO2eq/year
Gas  
 28.49 mtons/yeara
 253,561,000.00 mtons > boe
 137.23 barrels > kg
 34,796,176,030.00 kg/year
 34.80 mtons/year
 3.14 CO2/CH2
 109.26 mtCO2eq/year
Oil & gas  
 385.59 mtCO2eq/year
Emissions  
 48.63 mtCO2eq/year
EROI  
 7.93  
  1. a http://www.petronas.com.my/media-relations/media-releases/Pages/article/HIGHER-2016-PROFIT-FOR-PETRONAS.aspx

#20: CHINA NATIONAL OFFSHORE OIL COMPANY (CNOOC)—EROI: 11.20

On page 14 of the SRFootnote 41 we find all the data, both output and—indirectly—emission. While production data are clearly expressed, emission issues need to be treated, as they are expressed not as energy but as capital intensity. The company’s earnings for 2015 are 468,900,000,000 RMB (yuan) and the energy intensity is calculated as a fraction of this capital, ie: 0.2731 TCE/10,000 RMB. Multiplying the two values, we determine how many tons of equivalent carbon (TCE) were produced in a year. This value has to be transformed into million tons of equivalent oil, so that it can be properly correlated with the production data for the calculation of EROI.

CHINA NATIONAL OFFSHORE OIL COMPANY
Oil  
 79,700,000.00 tons/year
 79.70 mtons/year
Gas  
 25,100.00 mcm/year
 886,398,217,000,000.00 mcm > btu
 150,687,696.89 btu > boe
 137.23 barrels > kg
 20,678,872,644.21 kg/year
 20.68 mtons/year
Oil & gas  
 100.38 mtons/year
Emissions  
 468,900,000,000.00 RMB
 0.27 TCE/10,000 RMB
 12,805,659.00 TCE/year
 8,958,690.53 toe/year
 8.96 mtons/year
EROI  
 11.20  

#21: MARATHON PETROLEUM—EROI: 11.38, 8.41

Both data about emissions and production are concentrated on pages 63–64 of the citizenship report.Footnote 42 In this case, we have both direct and indirect emissions so we have made two different calculations for the EROI.

MARATHON PETROLEUM  
Oil  
 1,142,000.00 barrels/day
 365.00 day/year
 416,830,000.00 barrels/year
 137.23 barrels > kg
 57,199,930,253.20 kg/year
 57.20 mtons/year
 3.14 CO2/CH2
 179.43 mtCO2eq/year
Gas  
 285,430.00 mcf/yeara
 285,430,000,000,000.00 mcf > btu
 48,523,100.00 btu > boe
 137.23 barrels > kg
 6,658,825,013.00 kg/year
 6.66 mtons/year
 3.14 CO2/CH2
 20.91 mtCO2eq/year
Oil & gas  
 200.34 mtCO2eq/year
Emissions #1  
 17.60 mtCO2eq/year
Emissions #1  
 23.80 mtCO2eq/year
EROI #1  
 11.38  
EROI #2  
 8.41  
  1. aAnnual report 2017, available at: http://www.annualreports.com/Company/marathon-oil-corporation

#22. PTT (Thailand)—EROI: 24.95, 24.89

The annual reportFootnote 43 is more complete than the SR. The production is available on page 32, while emissions—direct and indirect—are on page 34.

PTT  
Oil  
 136,000,000.00 boe/year
 137.23 barrels > kg
 18,662,741,440.00 kg/year
 18.66 mtons/year
 3.14 CO2/CH2
 58.54 mtCO2eq/year
Gas  
 618.00 bcf/year
 618,000,000,000,000,00 mcf > btu
 105,060,000,00 btu > boe
 137.23 barrels > kg
 14,417,383,800,00 kg/year
 14.42 mtons/year
 3.14 CO2/CH2
 45.27 mtCO2eq/year
Oil & gas  
 103.81 mtCO2eq/year
Emissions #1  
 4.16 mtCO2eq/year
Emissions #2  
 4.17 mtCO2eq/year
EROI #1  
 24.95  
EROI #2  
 24.89  

#23: ROSNEFT—EROI: 21.14, 13.12

All data are available on the SRFootnote 44: the production on page 6 and the emissions on page 74.

ROSNEFT  
Oil  
 1,883,000,000.00 boe/year
 137.23 barrels > kg
 258,404,090,000.00 kg/year
 258.40 mtons/year
 3.14 CO2/CH2
 810.57 mtCO2eq/year
Gas  
 62.50 billion cubic meters
 2,207,166,875,000,000.00 bcf > btu
 375,218,368.75 btu > boe
 137.23 barrels > kg
 51,491,216,743.56 kg/year
 51.49 mtons/year
 3.14 CO2/CH2
 161.68 mtCO2eq/year
Oil & gas  
 972.25 mtCO2eq/year
Emissions #1  
 46.00 mtCO2eq/year
Emissions #2  
 74.10 mtCO2eq/year
EROI #1  
 21.14  
EROI #2  
 13.12  

#24: JX HOLDINGS—EROI: 2.68

The production is in the annual report (p. 2),Footnote 45 limited to 2014 and analytically extrapolated via software (115,000 boe/day). The emissions are available on the SR (p. 82)Footnote 46 and split by scope. We are interested in scope 3 (upstream) and we sum those values (1337 + 233 + 1) × 104 = 15,710,000 tCO2 = 15.71 mtCO2eq.

This value seems to concern more than 1 year because, on the same page, we can read “Starting in fiscal 2013, we began estimating and disclosing the target scope of JX Nippon Oil & Energy’s petroleum division supply chain.” Therefore, does the count in the table begin in 2013 and end in 2014? If it is true, the value found should be divided by two, at least. Also in this case the EROI is very low.

JX HOLDINGS  
Oil  
 115,000.00 boe/day
 365.00 day/year
 41,975,000.00 boe/year
 137.23 barrels > kg
 5,760,229,250.00 kg/year
 5.76 mtons/year
 3.14 CO2/CH2
 18.07 mtCO2eq/year
Gas  
 790,000.00 tons/yeara
 7,031,000.00 mtons > boe
 137.23 barrels > kg
 964,864,130.00 kg/year
 0.96 mtons/year
 3.14 CO2/CH2
 3.03 mtCO2eq/year
Oil & gas  
 21.10 mtCO2eq/year
Emissions  
 7.86 mtCO2eq/year
EROI  
 2.68  
  1. aAnnual Report 2016

#25: ENGIE—EROI: NOT AVAILABLE

This is the only company that has both production and emissions values, but not useful to calculate the Eroi. Engie is involved in 70 countries and its business goes from the energy services supply to many and different energy resources (nuclear, NGL, oil, coal) management and production.

#26: STATOIL—EROI: 28.37

Statoil has the data in the SRFootnote 47: production on page 2 and emissions on page 17.

STATOIL  
Oil  
 787,935,000.00 boe/year
 137.23 barrels > kg
 108,128,320,050.00 kg/year
 108.12 mtons/year
 3.14 CO2/CH2
 339.52 mtCO2eq/year
Gas  
 285,065,000.00 boe/yeara
 137.23 barrels > kg
 39,119,469,950.00 kg/year
 39.12 mtons/year
 3.14 CO2/CH2
 122.84 mtCO2eq/year
Oil & gas  
 462.36 mtCO2eq/year
Emissions  
 16.30 mtCO2eq/year
EROI  
 28.37  
  1. aAnnual Report 2015

#27: INDIAN OIL COMPANY—EROI: 3.70

This company, like others, is involved in many business field (refinery, sales of energy, and so on): we have choose only the refinery activities (p. 10 of SRFootnote 48). For those activities, the emissions are indicated on page 74.

INDIAN OIL COMPANY  
Oil  
 56.69 mtons/year
LNG  
 1,920,000.00 tons/year
 17,088,000.00 mtons > boe
 137.23 barrels > kg
 2,344,986,240.00 kg/year
 2.34 mtons/year
Oil & LNG  
 59.03 mtons/year
Emissions  
 15.96 mtons/year
EROI  
 3.70  

#28: SONATRACH—EROI: 22.56

In the annual report,Footnote 49 we will find the production for 2014 (p. 11) and the only data retrieved about emissions are in the sentence on page 37: “Les Emissions atmosphériques: le volume de gaz torchés en 2014 au niveau des unités opérationnelles relevant de l’opérationel a atteint 4744 Millions m3.” If we can consider correct this value as “emissions,” the calculation is as follows:

SONATRACH  
Oil  
 50.70 mtons/year
Gas  
 39.50 bcm/yeara
 1,394,929,465,000,000.00 bcm > btu
 237,138,009.05 btu > boe
 137.23 barrels > kg
 32,542,448,981.93 kg/year
 32.54 mtons/year
Oil & gas  
 83.24 mtons/year
Emissions  
 4474.00 mcm/year
 157,997,833,580,000.00 mcm > btu
 26,859,631.71 btu > boe
 137.23 barrels > kg
 3,685,947,259.37 kg/year
 3.69 mtons/year
EROI  
 22.56  
  1. a https://www.oxfordenergy.org/wpcms/wp-content/uploads/2016/05/Algerian-Gas-Troubling-Trends-Troubled-Policies-NG-108.pdf

#29: RELIANCE INDUSTRIES—EROI: 28.58

This company is cited also in one of the last books by Alan Weisman, about overpopulation (Countdown): “Even the richest man in town, Mukesh Ambani, chairman of the energy and materials conglomerate Reliance Industries, who’s built a twenty-seven-floor, four-hundred-thousand-square-foot home for his family, doesn’t run off the neighbors living in the cracks between the surrounding buildings, because his mansion needs a staff of six hundred.” Trying to extrapolate two simple data like extraction/production of oil and emission, sometimes we need to face the complexity of those companies involved in many kinds of business and, above all, in parts of world where many stuffs are complex. So in this case, our analysis could be affected by some bias and the EROI in itself reveals its limit. However, values are in the SRFootnote 50: page 49 for production and 63 for GHG emissions. The EROI, in this case, is rather high.

RELIANCE INDUSTRIES  
Oil  
 0.16 mtons/year
 3.14 CO2/CH2
 0.50 mtCO2eq/year
Gas  
 2678.00 mcm/year
 94,572,686,260,000.00 mcm > btu
 16,077,356.66 btu > boe
 137.23 barrels > kg
 2,206,295,655.03 kg/year
 2.21 mtons/year
 3.14 CO2/CH2
 6.93 mtCO2eq/year
Oil & gas  
 7.43 mtCO2eq/year
Emissions  
 0.26 mtCO2eq/year
EROI  
 28.58  

#30: PERTAMINA—EROI: 8.04

Both production (p. 34) and emissions (p. 134) are available on the SR.Footnote 51

PERTAMINA  
Oil  
 101,600,000.00 boe/year
 137.23 barrels > kg
 13,942,165,664.00 kg/year
 13.94 mtons/year
Gas  
 694.33 bcf/year
 694,330,000,000,000.00 bcf > btu
 118,036,100.00 btu > boe
 137.23 barrels > kg
 16,198,094,003.00 kg/year
 16.20 mtons/year
Oil & gas  
 30.14 mtons/year
Emissions  
 3.75 mtons/year
EROI  
 8.04  

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Celi, L., Della Volpe, C., Pardi, L. et al. A New Approach to Calculating the “Corporate” EROI. Biophys Econ Resour Qual 3, 15 (2018). https://doi.org/10.1007/s41247-018-0048-1

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Keywords

  • Corporate EROI
  • Oil production
  • GHG emissions