Oil and Gas Reserves

Proven oil and gas reserves are the volumes of crude oil, natural gas and condensate that, according to the geological, engineering and economic conditions prevailing at the balance sheet date, can be produced in future years. Accordingly, reserve estimates based on this data could be materially different from the volumes that are ultimately recovered. To reduce uncertainties, BASF works together with independent, internationally recognized reserve auditors to perform recurring reserves audits of its major crude oil and natural gas fields.

The tables on the following pages show the company’s estimated proven and proven developed reserves as of December 31, 2017, and 2018, as well as changes attributable to production or other factors.

Oil 2018

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Proven developed and undeveloped oil reserves as of January 1, in million barrels (MMbbl)

 

34

136

218

82

8

478

82

Revisions and other changes

 

6

(43)

10

3

5

(19)

(3)

Extensions and discoveries

 

10

10

Purchase/sale of reserves

 

63

63

63

Production

 

6

21

15

10

2

54

10

Proven reserves as of December 31

 

34

82

276

75

11

478

132

of which equity-accounted companies

 

1

69

62

132

132

Proven developed reserves as of December 31

 

29

58

161

68

10

326

61

of which equity-accounted companies

 

6

55

61

61

Gas 2018

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Developed and undeveloped gas reserves as of January 1, in million barrels of oil equivalent (MMBOE)

 

19

124

907

8

140

1,198

466

Revisions and other changes

 

1

171

(1)

8

179

138

Extensions and discoveries

 

8

8

3

Purchase/sale of reserves

 

125

125

125

Production

 

3

13

77

24

117

57

Proven reserves as of December 31

 

17

119

1,126

7

124

1,393

675

of which equity-accounted companies

 

7

661

7

675

675

Proven developed reserves as of December 31

 

17

103

536

6

104

766

221

of which equity-accounted companies

 

5

210

6

221

221

Oil 2017

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Proven developed and undeveloped oil reserves as of January 1, in million barrels (MMbbl)

 

36

127

184

86

7

440

89

Revisions and other changes

 

4

29

49

3

3

88

1

Extensions and discoveries

 

Purchase/sale of reserves

 

Production

 

6

20

15

7

2

50

8

Proven reserves as of December 31

 

34

136

218

82

8

478

82

of which equity-accounted companies

 

2

4

76

82

82

Proven developed reserves as of December 31

 

33

111

166

72

8

390

72

of which equity-accounted companies

 

4

68

72

72

Gas 2017

Consolidated and equity-accounted companies

 

Germany

Rest of Europe

Russia

North Africa/Middle East

South America

Total Group

Of which at equity

Developed and undeveloped gas reserves as of January 1, in million barrels of oil equivalent (MMBOE)

 

23

111

885

9

154

1,182

520

Revisions and other changes

 

(1)

21

97

(1)

10

126

3

Extensions and discoveries

 

4

4

Purchase/sale of reserves

 

Production

 

3

12

75

24

114

57

Proven reserves as of December 31

 

19

124

907

8

140

1,198

466

of which equity-accounted companies

 

7

451

8

466

466

Proven developed reserves as of December 31

 

19

55

622

8

114

818

305

of which equity-accounted companies

 

6

291

8

305

305