HISTORY AND TERMINOLOGY OF CRUDE OIL
17
Table 1.2 Comparative ranking of the top ten oil companies based on
current reserve holdings.
Rank
2006
1
2
3
4
5
6
7
8
9
10
Company
Saudi
Aramco
NIOC
NIOC
KPC
PDV
Adnoc
Libya NOC
NNPC
Lukoil
QP
Reserves
264,200
137,500
115,000
101,500
79,700
56,920
33,235
21,540
16,114
15,200
Rank
2000
1
2
3
4
5
6
7
8
9
10
Company
Saudi
Aramco
INOC
KPC
NIOC
PDV
Adnoc
Pemex
Libya NOC
NNPC
Lukoil
Reserves
259,200
112,500
96,500
87,993
76,852
50,710
28,400
23,600
13,500
11,432
that goal through organizing production so that a profit is made
in the current timeframe as well as in the future. The management
may also make investment decisions to take advantage of opportunities to raise the company's rate of return. They also have the
motivation to achieve productive efficiency to hold down costs and
enhance the profitability of any given revenue level. This activity is
thought to benefit consumers by assuring that physical shortages
are avoided and that the good is available at the lowest price consistent with demand and supply factors.
1.4 Definitions and Terminology
Throughout the previous sections, definitions and terminology
have been represented that give some insight into the terminology
of the industry. However, there are many aspects of petroleum definitions and terminology that have not been covered and require
further mention here because of the direct relationship to the pricing of petroleum and petroleum products.
17
Table 1.2 Comparative ranking of the top ten oil companies based on
current reserve holdings.
Rank
2006
1
2
3
4
5
6
7
8
9
10
Company
Saudi
Aramco
NIOC
NIOC
KPC
PDV
Adnoc
Libya NOC
NNPC
Lukoil
QP
Reserves
264,200
137,500
115,000
101,500
79,700
56,920
33,235
21,540
16,114
15,200
Rank
2000
1
2
3
4
5
6
7
8
9
10
Company
Saudi
Aramco
INOC
KPC
NIOC
PDV
Adnoc
Pemex
Libya NOC
NNPC
Lukoil
Reserves
259,200
112,500
96,500
87,993
76,852
50,710
28,400
23,600
13,500
11,432
that goal through organizing production so that a profit is made
in the current timeframe as well as in the future. The management
may also make investment decisions to take advantage of opportunities to raise the company's rate of return. They also have the
motivation to achieve productive efficiency to hold down costs and
enhance the profitability of any given revenue level. This activity is
thought to benefit consumers by assuring that physical shortages
are avoided and that the good is available at the lowest price consistent with demand and supply factors.
1.4 Definitions and Terminology
Throughout the previous sections, definitions and terminology
have been represented that give some insight into the terminology
of the industry. However, there are many aspects of petroleum definitions and terminology that have not been covered and require
further mention here because of the direct relationship to the pricing of petroleum and petroleum products.