Appendix 1

We have calculated the mean API degree with the support of O&G. World Oil and Gas review 2015.Footnote 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 CO 2 and other GHG (NOx, SOx, etc.), while better reports give us the value in CO 2 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 CO 2 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 CO 2 equivalent—is the multiplication related to the stoichiometric ratio between the molecular weight of a chain (the simplest) of hydrocarbons (methylene-CH 2 : 14.03 g/mol) and carbon dioxide (CO 2 : 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 2015Footnote 13 offers only the oil production (p. 8) and no information about emissions. The company is property of the Saudi Monarchy but has recently announced,Footnote 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 CO 2 /CH 2 1602.59 mtCO 2 eq/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 CO 2 /CH 4 134.08 mtCO 2 eq/year Oil & gas 1736.68 mtCO 2 eq/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 CO 2 /CH 2 33.21 mtCO 2 eq/year EROI 52.29 at “mouth of well”

#02. SINOPEC—EROI: 1.67

The data are referred for the 2014 because there are no values, inside the SR, about emissions. OnlineFootnote 15 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

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)Footnote 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 CO 2 /CH 2 349.54 mtCO 2 eq/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 CO 2 /CH 2 247.00 mtCO 2 eq/year Oil & gas 596.54 mtCO 2 eq/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,Footnote 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

#05. EXXON MOBIL—EROI: 7.59

The production data are available on the Annual Report (p. 5).Footnote 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 CO 2 /CH 2 644.37 mtCO 2 eq/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 CO 2 /CH 2 281.14 mtCO 2 eq/year Oil & gas 925.51 mtCO 2 eq/year Emissions 122.00 mtCO 2 eq/year EROI 7.59

#06. SHELL—EROI: 7.75, 6.88

The SRFootnote 19 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 CO 2 /CH 2 471.35 mtCO 2 eq/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 CO 2 /CH 2 86.67 mtCO 2 eq/year Oil & gas 558.02 mtCO 2 eq/year Emissions #1 72.00 mtCO 2 eq/year Emissions #2 81.00 mtCO 2 eq/year EROI #1 7.75 EROI #2 6.88

#07. KUWAIT PETROLEUM—EROI: 19.86

There is an anomaly because the last SRFootnote 20 (to know the emissions) is referred to 2012, while the production is onlineFootnote 21 «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

#08. BP—EROI: 11.23, 9.74

We have two results calculated for direct and indirect emissions. All data are available on the SR,Footnote 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 CO 2 /CH 2 314.41 mtCO 2 eq/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 CO 2 /CH 2 191.07 mtCO 2 eq/year Oil & gas 505.48 mtCO 2 eq/year Emissions #1 45.00 mtCO 2 eq/year Emissions #2 51.90 mtCO 2 eq/year EROI #1 11.23 EROI #2 9.74

#09. TOTAL SA—EROI: 10.81

The website is a little bit disorganized, but all data about 2015 are in the “registration document”Footnote 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 CO 2 /CH 2 368.75 mtCO 2 eq/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 CO 2 /CH 2 171.77 mtCO 2 eq/year Oil & gas 540.52 mtCO 2 eq/year Emissions 50.00 mtCO 2 eq/year EROI 10.81

#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 2015Footnote 24 (page 227) and, for the emissions, the only sure data come from the website of the company,Footnote 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 CO 2 /CH 2 317.14 mtCO 2 eq/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 CO 2 /CH 2 66.36 mtCO 2 eq/year Oil & gas 383.5 mtCO 2 eq/year Emissions 65.74 mtCO 2 eq/year EROI 5.83

#11: ENI—EROI: 10.43

ENI produces 1.76 million of BOE per day (p. 4 of “ENI Fact Book”)Footnote 26 and sustains to emit 38.5 million of tons of GHG (direct emissions, p. 4 of SR).Footnote 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 CO 2 /CH 2 276.53 mtCO 2 eq/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 CO 2 /CH 2 125.16 mtCO 2 eq/year Oil & gas 401.69 mtCO 2 eq/year Emissions 38.50 mtCO 2 eq/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).Footnote 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).Footnote 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 CO 2 /CH 2 350.73 mtCO 2 eq/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 CO 2 /CH 2 88.08 mtCO 2 eq/year Oil & gas 438.81 mtCO 2 eq/year Emissions 77.70 mtCO 2 eq/year EROI 5.64

#14: CHEVRON—EROI: 9.70

The production is available on the annual reportFootnote 30 (p. 5), while the value of emissions on the SRFootnote 31 (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 CO 2 /CH 2 411.97 mtCO 2 eq/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 CO 2 /CH 2 140.88 mtCO 2 eq/year Oil & gas 552.85 mtCO 2 eq/year Emissions 57.00 mtons/year EROI 9.70

#15: PDVSA (Venezuela)—EROI: NOT AVAILABLE

The production is retrieved from a communication agency (Reuters)Footnote 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 CO 2 /CH 2 450.29 mtCO 2 eq/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 CO 2 /CH 2 141.60 mtCO 2 eq/year Oil & gas 591.89 mtCO 2 eq/year Emissions Not available EROI Not available

#16: PEMEX—EROI: 7.88

The SR is updated to 2014,Footnote 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.Footnote 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 CO 2 /CH 2 333.44 mtCO 2 eq/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 CO 2 /CH 2 105.05 mtCO 2 eq/year Oil & gas 438.49 mtCO 2 eq/year Emissions 55.62 mtCO 2 eq/year EROI 7.88

#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.Footnote 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 CO 2 consumption of the ALL nation in 2008,Footnote 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 CO 2 /CH 2 210.86 mtCO 2 eq/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 CO 2 /CH 2 489.03 mtCO 2 eq/year Oil & gas 699.89 mtCO 2 eq/year Emissions 146,824.00 thousand metric tons of carbon 3.67 conversion factor 538,403.61 thousand tCO2eq/year 538.40 mtCO 2 eq/year EROI 1.30

#18: GAZPROM—EROI: 11.65

The production for 2015 is on the websiteFootnote 37: 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,Footnote 38 p. 23.

GAZPROM Oil 36.00 mtons/year 3.14 CO 2 /CH 2 112.93 mtCO 2 eq/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 CO 2 /CH 2 1082.63 mtCO 2 eq/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 CO 2 /CH 2 58.68 mtCO 2 eq/year Oil & gas 1195.56 mtCO 2 eq/year Emissions 102.60 mtCO 2 eq/year EROI 11.65

#19: PETRONAS—EROI: 7.93

The production is on the company website,Footnote 39 while the emissions are on the SR,Footnote 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 CO 2 /CH 2 276.33 mtCO 2 eq/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 CO 2 /CH 2 109.26 mtCO 2 eq/year Oil & gas 385.59 mtCO 2 eq/year Emissions 48.63 mtCO 2 eq/year EROI 7.93

#20: CHINA NATIONAL OFFSHORE OIL COMPANY (CNOOC)—EROI: 11.20

On page 14 of the SRFootnote 41 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.Footnote 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 CO 2 /CH 2 179.43 mtCO 2 eq/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 CO 2 /CH 2 20.91 mtCO 2 eq/year Oil & gas 200.34 mtCO 2 eq/year Emissions #1 17.60 mtCO 2 eq/year Emissions #1 23.80 mtCO 2 eq/year EROI #1 11.38 EROI #2 8.41

#22. PTT (Thailand)—EROI: 24.95, 24.89

The annual reportFootnote 43 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 CO 2 /CH 2 58.54 mtCO 2 eq/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 CO 2 /CH 2 45.27 mtCO 2 eq/year Oil & gas 103.81 mtCO 2 eq/year Emissions #1 4.16 mtCO 2 eq/year Emissions #2 4.17 mtCO 2 eq/year EROI #1 24.95 EROI #2 24.89

#23: ROSNEFT—EROI: 21.14, 13.12

All data are available on the SRFootnote 44: 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 CO 2 /CH 2 810.57 mtCO 2 eq/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 CO 2 /CH 2 161.68 mtCO 2 eq/year Oil & gas 972.25 mtCO 2 eq/year Emissions #1 46.00 mtCO 2 eq/year Emissions #2 74.10 mtCO 2 eq/year EROI #1 21.14 EROI #2 13.12

#24: JX HOLDINGS—EROI: 2.68

The production is in the annual report (p. 2),Footnote 45 limited to 2014 and analytically extrapolated via software (115,000 boe/day). The emissions are available on the SR (p. 82)Footnote 46 and split by scope. We are interested in scope 3 (upstream) and we sum those values (1337 + 233 + 1) × 104 = 15,710,000 tCO 2 = 15.71 mtCO 2 eq.

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 CO 2 /CH 2 18.07 mtCO 2 eq/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 CO 2 /CH 2 3.03 mtCO 2 eq/year Oil & gas 21.10 mtCO 2 eq/year Emissions 7.86 mtCO 2 eq/year EROI 2.68

#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 SRFootnote 47: 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 CO 2 /CH 2 339.52 mtCO 2 eq/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 CO 2 /CH 2 122.84 mtCO 2 eq/year Oil & gas 462.36 mtCO 2 eq/year Emissions 16.30 mtCO 2 eq/year EROI 28.37

#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 SRFootnote 48). 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,Footnote 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

#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 SRFootnote 50: 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 CO 2 /CH 2 0.50 mtCO 2 eq/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 CO 2 /CH 2 6.93 mtCO 2 eq/year Oil & gas 7.43 mtCO 2 eq/year Emissions 0.26 mtCO 2 eq/year EROI 28.58

#30: PERTAMINA—EROI: 8.04

Both production (p. 34) and emissions (p. 134) are available on the SR.Footnote 51