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.

Appendices

Appendix 1

We have calculated the mean API degree with the support of O&G. World Oil and Gas review 2015.¹² 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.

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. 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. 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. 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. 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. 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 2015¹³ offers only the oil production (p. 8) and no information about emissions. The company is property of the Saudi Monarchy but has recently announced,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. Online¹⁵ 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)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,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).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 SR¹⁹ 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 SR²⁰ (to know the emissions) is referred to 2012, while the production is online²¹ «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,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”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 2015²⁴ (page 227) and, for the emissions, the only sure data come from the website of the company,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”)²⁶ and sustains to emit 38.5 million of tons of GHG (direct emissions, p. 4 of SR).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).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).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 report³⁰ (p. 5), while the value of emissions on the SR³¹ (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)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 2014,³³ 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.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.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 2008,³⁶ 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 website³⁷: 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,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,³⁹ while the emissions are on the SR,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 SR⁴¹ 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.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 report⁴³ 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 SR⁴⁴: 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),⁴⁵ limited to 2014 and analytically extrapolated via software (115,000 boe/day). The emissions are available on the SR (p. 82)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 SR⁴⁷: 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 SR⁴⁸). 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,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 SR⁵⁰: 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.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