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Title : The Market And Energy Page, T+238 -- December 15, 2017
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The Market And Energy Page, T+238 -- December 15, 2017

Market: on track for Dow 30 to close at a new record. Huge volume.

Global Data, global reserves: top ten countries by crude reserves (includes graphic)

• US, Saudi Arabia, Iraq, Russia, Canada, Kuwait, Iran, UAE, Brazil, China
• US #1 in crude oil reserves
• • unconventional oil reserves: 9.2% (45.8 billion bbls)
  • oil sands reserves: 6.7% (33.3 billion bbls)
    heavy oil reserves: 4.5% (22.2 billion bbls)
• US: top among those with largest remaining crude and condensate reserves
• • 91.1 billion bbls expected to be economically recovered in the the US
• other top four:
• • Saudi Arabia: 77.4 billion bbls
  • Iraq: 71.8 billion bbls
  • Russia: 70.6 billion bbls
• remaining 14.1% (70.3 billion bbls) of remaining reserves
• • UAE: lowest remaining break-even oil price at $4/bbl for shallow water developments
  • US: highest break-even oil price at $32/bbl
• over 77.1% of the ten countries' remaining reserves (383 billion bbls) will be produced from onshore fields
• • UAE: lowest remaining break-even oil price at $3/bbl for onshore developments
  • Canada: highest remaining break-even oil price at $31/bbl for onshore developments
• ultra-deepwater developments
• • 30.3 billion bbls or remaining reserves, spread between two countries
  • US: remaining break-even oil price -- $33
  • Brazil: remaining break-even oil -rice -- $37

Global Data, Russia: Russian upstream projects required $100 billion by 2020 to maintain stable production
(some numbers rounded)

• an average of $35 billion/year in capital expenditure over next three years
• 1,673 oil and gas fields in Russia
• • traditional oil fields: $55 billion over three years
  • heavy oil fields: $7 billion over three years
  • delta between $62 billion and $100 billion not explained
• onshore projects: 85% of the $100 billion upstream CAPEX ($88 billion by 2020)
• shallow water projects: $15 billion over the same period

Venezuela: pulls out of refinery joint venture in Cuba; Cuba now has full ownership of its Cienfuegos oil refinery.

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