There's nothing like an industry table to catch the attention of readers, particularly those whose companies appear in the upper levels or who aspire to the top spots.
Of course, there are those, usually sliding down the table, who claim that rankings are meaningless, and the only performance that counts is the return for shareholders.
U.K. NORTH SEA PRODUCERS
On that basis the exploration and production arm of British Gas plc should be mulling with considerable pleasure the rankings of oil companies in the U.K. North Sea by analysts County Natwest Woodmac, Edinburgh, Scotland.
And the company that should be writing off the industry table idea should be Shell U.K. Exploration & Production, which, according to Woodmac's Top 20, has been ousted from the No. 2 spot by the expansionist-minded British Gas subsidiary.
British Gas, previously in fourth position, also leapfrogged Esso Exploration & Production, Shell's 5050 partner in most areas of the British continental shelf.
The Top 20 is based on the total value of companies' U.K. oil and gas assets onshore and offshore. Other tables list the companies on the basis of reserves, production, gross acreage, and net acreage.
The British Gas advance results from an increase in the value of its Morecambe field in the Irish Sea following its decision to elevate production facilities to base load operations in addition to its previous role as a peak shaver. British Gas also is involved in major new projects such as Everest and Lomond fields, which boost the total value of the company's U.K. offshore assets to $7.35 billion.
No. 1 in all the categories is BP Exploration with assets worth $12.82 billion and production of 632,000 b/d of oil equivalent-459,000 b/d of oil and 979 MMcfd of gas.
One significant change in BP's position during 1991 is in the gross acreage table. Although the company continues to head the list, its lead over other companies has been reduced by a low key performance in the U.K.'s 12th and frontier licensing rounds and relinquishment of ninth round acreage during the year.
The company's total acreage position fell by about 12% and now represents less than 20% of all U.K. offshore acreage, compared with 23% early in 1991.
Lasmo plc, which completed a takeover of Ultramar plc at the end of last year, jumps into second place in the gross acreage league from 16th the previous year. It also moves to 10th place in the overall ranking from 15th in the 1991 list.
MORE CLIMBERS
Hamilton Bros. Oil & Gas moves into the master list at 20th place, up from 23rd, on the strength of its successful exploration campaign in the Irish Sea. Other climbers included Conoco (U.K.) Ltd. to fifth from seventh place and Enterprise Oil plc to sixth from eighth.
For everyone that goes up, a company comes down.
The main losers in 1991 were Texaco North Sea to eighth from sixth, Fina Exploration & Production to 18th from 14th, and Elf U.K. Ltd. to seventh from fifth, although that excludes the effect of Elf's two-thirds share in Elf Enterprise Caledonia, successor to Occidental Petroleum.
Copyright 1992 Oil & Gas Journal. All Rights Reserved.
