European Independent Exploration and Production (E&P) Companies - Financial & Operational Fundamental Analysis and Benchmarking - 2010


#28857

133pages

GlobalData

$ 3500

In Stock


European Independent Exploration and Production (E&P) Companies Financial & Operational Fundamental Analysis and Benchmarking 2010" is an energy benchmarking report from GlobalData, that offers comprehensive information on the operational and financial performance of top European Independent Exploration and Production (E&P) Companies. The report benchmarks and analyzes top European Independent Exploration and Production (E&P) Companies on various operational and financial parameters. The report is an essential source for key operational data, analysis and strategic insights into companies. It provides detailed information on the key operational and financial parameters for the last five years. It also highlights the top ranked company on various operational and financial parameters such as proved oil and gas reserves, production, capital expenditures, F&D costs, performance metrics, results of oil and gas operations and valuation metrics.

Proved and probable oil and gas reserves volumes were impacted by the significant negative reserves revisions reported by the oil and gas companies. Tullow Oil plc had the largest portfolio of proved and probable oil and gas reserves among the European Independent Exploration and Production (E&P) companies at the end of 2009. Tullow Oil plc with 256.8 Million barrels of oil (Mbbl) of proved and probable oil reserves at the end of 2009 was top ranked companies in terms of oil reserves among the European Independent E&P Companies. While, Premier Oil plc with 994.0 billion cubic feet (Bcf) was the highest gas reserves holder within the peer group. The proved and probable oil and gas reserves of European Independent E&P companies decreased 1.3% during 2009, down from 2.29 billion barrels of oil equivalent (Bboe) in 2008 to 2.26 Bboe in 2009. 

Scope

The report provides in-depth analysis and insights into companies capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes:
 
  • Detailed and unique insights information into the key operational and financial parameters. The report provides a comprehensive overview of production, production change, production growth, reserves, reserve changes, reserve growth, capital expenditures, acreage, performance metrics, valuation metrics and results of oil and gas operations.
  • Provides annual information on key operational and financial parameters for the period 2005 to 2009. 
  • Benchmarks top European independent Exploration and Production (E&P) companies on operational and financial parameters. 
  • Companies covered include; Tullow Oil plc, Lundin Petroleum AB, Cairn Energy PLC, Premier Oil plc, Dana Petroleum plc, Regal Petroleum plc, DNO International ASA, Global Energy Development PLC, SOCO International plc, Northern Petroleum Plc, PA Resources AB, Melrose Resources plc, Salamander Energy plc, First Oil plc, Serica Energy plc, Aminex PLC, Max Petroleum plc, Cadogan Petroleum plc, Sterling Energy plc
Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to:

  • Rank your performance against other top European independent Exploration and Production (E&P) companies using operational and financial benchmarking metrics
  • Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
  • Formulate your strategies based on in-depth analysis of your competitors in oil and gas markets. 
  • Improve decision making on the basis of peer comparison.
  • Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
Table Of Contents

1 Table of contents 2
1.1 List of Tables 4
1.2 List of Figures 6

2 Reserves and Production Analysis 8
2.1 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Trend, 2005-2009 8
2.1.1 Total Proved and Probable Oil and Gas Reserves, 2005-2009 8
2.1.2 Oil and Gas Finding and Development Reserves Additions, 2005-2009 10
2.1.3 Oil and Gas Reserves Replacement Additions (Excluding Sales), 2005-2009 12
2.1.4 Proved and Probable Oil Reserves Trend, 2005-2009 14
2.1.5 Proved and Probable Gas Reserves Trend, 2005-2009 16
2.1.6 Proved and Probable Oil Reserves as a % of Total Oil and Gas Reserves, 2005-2009 18
2.1.7 Proved and Probable Gas Reserves as a % of Total Oil and Gas Reserves, 2005-2009 20
2.2 European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Trend, 2005-2009 22
2.2.1 Oil and Gas Production Trend, 2005-2009 22
2.2.2 Oil Production Trend, 2005-2009 24
2.2.3 Gas Production Trend, 2005-2009 26
2.3 European Independent Exploration and Production (E&P) Companies, Reserves and Production Trend, 2005-2009 28
2.3.1 Oil and Gas Reserves Growth, 3 Year, CAGR, 2007-2009 28
2.3.2 Oil and Gas Reserves Growth, 5 year, CAGR, 2005-2009 30
2.3.3 Oil and Gas Reserves Change, 2008-2009 32
2.3.4 Oil and Gas Production Growth, 3 Year, CAGR, 2007-2009 34
2.3.5 Oil and Gas Production Growth, 5 Year, CAGR, 2005-2009 36
2.3.6 Oil and Gas Production Change, 2008-2009 38
2.4 European Independent Exploration and Production (E&P) Companies, Reserves Life Ratio, 2005-2009 40
2.4.1 Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 40

3 Reserve Replacement Ratio Analysis 43
3.1 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), Annual %, 2005-2009 43
3.2 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 45
3.3 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 5-Year, %, 2005-2009 47
3.4 Euroepan Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 49
3.5 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 51
3.6 European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 53

4 Costs Incurred In Upstream Oil and Gas Operations 55
4.1 Analysis of leading 200 Oil & Gas Companies 55
4.2 European Independent Exploration and Production (E&P) Companies, Total Costs Incurred, 2005-2009 55
4.2.1 Exploration Costs, 2005-2009 57
4.2.2 Development Costs, 2005-2009 59
4.2.3 Exploration and Development Costs, 2005-2009 61
4.2.4 Finding & Development Costs, 2005-2009 63
4.3 Euroepan Independent Exploration and Production (E&P) Companies, Oil and Gas Costs Per boe, $/boe, 2005-2009 65
4.3.1 Oil and Gas Reserve Replacement Costs per boe, Annual, $/boe, 2005-2009 65
4.3.2 Oil and Gas Reserve Replacement Cost Per Boe, 3-Year, $/boe, 2005-2009 67
4.3.3 Oil and Gas Reserve Replacement Cost per boe, 5-Year, $/boe 2005-2009 69
4.3.4 Oil and Gas Finding and Development Cost per boe, Annual, $/boe, 2005-2009 71
4.3.5 Oil and Gas Finding and Development Cost Per Boe, 3-Year, $/boe, 2005-2009 73
4.3.6 Oil and Gas Finding and Development Cost per boe, 5-Year, $/boe, 2005-2009 75

5 Result of Oil and Gas Operations 77
5.1 European Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue, Cash Flow and Total Expenses, 2005-2009 77
5.1.1 Oil and Gas Revenue From Upstream Oil and Gas Operations, $m, 2005-2009 77
5.1.2 Net Income/ Loss From Upstream Oil and Gas Operations, $m , 2005-2009 80
5.1.3 Free Cash Flow From Upstream Oil and Gas Operations, $m, 2005-2009 82
5.2 European Independent Exploration and Production (E&P) Companies, Performance Metrics, $/boe, 2005-2009 84
5.2.1 Oil and Gas Revenue per boe, $/boe, 2005-2009 84
5.2.2 Net Income per boe, $/boe, 2005-2009 86
5.2.3 Cash Flow per boe, $/boe, 2005-2009 88
5.2.4 Total Depreciation, Depletion & Amortization (DD&A) per boe, $/boe, 2005-2009 90
5.2.5 Lifting Cost per boe, $/boe, 2005-2009 92
5.2.6 Net-back per boe, $/boe, 2005-2009 94

6 Financial Performance Analysis 96
6.1 European Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 96
6.2 European Independent Exploration and Production (E&P) Companies, Operating Income, $m , 2005-2009 98
6.3 European Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 100
6.4 European Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 102
6.5 European Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 104
6.6 European Independent Exploration and Production (E&P) Companies, Growth Ratio, 2005-2009 106
6.6.1 Revenue Growth, 2005-2009 106
6.6.2 Profit Growth, 2005-2009 108
6.6.3 Operating Cash Flow Growth, 2005-2009 110
6.7 European Independent Exploration and Production (E&P) Companies, Exposure Ratio, 2005-2009 112
6.7.1 Debt leverage, %, 2005-2009 112
6.7.2 Total Debt/Proved Reserves, $/boe, 2005-2009 114
6.8 European Independent Exploration and Production (E&P) Companies, Valuation Metrics, 2005-2009 116
6.8.1 Market Capitalization, 2005-2009 116
6.8.2 Enterprise Value, 2005-2009 118

7 Appendix 120
7.1 Methodology 120
7.1.1 Coverage 120
7.1.2 Secondary Research 121
7.1.3 Primary Research 121
7.1.4 Expert Panel Validation 121
7.2 Definition 122
7.2.1 Oil and Gas Reserves 122
7.2.2 Acreage and Well Information 122
7.2.3 Cost Incurred in Oil and Gas Operations 122
7.2.4 Reserves Replacement Ratio 126
7.2.5 Results of Oil & Gas Operations 128
7.2.6 Results of Oil & Gas Operations Per BOE Produced 131
7.3 Contact Us 133
7.4 About GlobalData 133
7.5 Disclaimer 133

Table 1: European Independent Exploration and Production (E&P) Companies, Total Proved and Probable Oil and Gas Reserves, MMboe, 2005-2009 9
Table 2: European Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2005-2009 11
Table 3: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2005-2009 13
Table 4: European Independent Exploration and Production (E&P) Companies, Proved Oil Reserves, MMbbl, 2005-2009 15
Table 5: European Independent Exploration and Production (E&P) Companies, Proved and Probable Gas Reserves, Bcf, 2005-2009 17
Table 6: European Independent Exploration and Production (E&P) Companies, Proved and Probable Oil Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 19
Table 7: European Independent Exploration and Production (E&P) Companies, Proved and Probable Gas Reserves as a % of Total Oil and Gas Reserves, %, 2005-2009 21
Table 8: European Independent Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2005-2009 23
Table 9: European Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2005-2009 25
Table 10: European Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2005-2009 27
Table 11: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 29
Table 12: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 31
Table 13: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change, 2008-2009 33
Table 14: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 35
Table 15: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 37
Table 16: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 39
Table 17: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2005-2009 41
Table 18: European Independent Exploration and Production (E&P) Companies, Gas Reserve/Gas Production Ratio, Years, 2005-2009 42
Table 19: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2005-2009 44
Table 20: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2005-2009 46
Table 21: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 5-Year, %, 2005-2009 48
Table 22: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2005-2009 50
Table 23: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2005-2009 52
Table 24: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2005-2009 54
Table 25: European Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m , 2005-2009 56
Table 26: European Independent Exploration and Production (E&P) Companies, Exploration Costs, $m, 2005-2009 58
Table 27: European Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2005-2009 60
Table 28: European Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m, 2005-2009 62
Table 29: European Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2005-2009 64
Table 30: European Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost per boe, Annual, $/boe, 2005-2009 66
Table 31: European Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost per boe, $/boe, 2005-2009 68
Table 32: European Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs per boe, $/boe, 2005-2009 70
Table 33: European Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost per boe, Annual, $/boe, 2005-2009 72
Table 34: European Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2005-2009 74
Table 35: European Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2005-2009 76
Table 36: European Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m , 2005-2009 78
Table 37: European Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m, 2005-2009 81
Table 38: European Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m , 2005-2009 83
Table 39: European Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2005-2009 85
Table 40: European Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2005-2009 87
Table 41: European Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2005-2009 89
Table 42: European Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2005-2009 91
Table 43: European Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2005-2009 93
Table 44: European Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2005-2009 95
Table 45: European Independent Exploration and Production (E&P) Companies, Revenue, $m, 2005-2009 97
Table 46: European Independent Exploration and Production (E&P) Companies, Operating Income, $m, 2005-2009 99
Table 47: European Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2005-2009 101
Table 48: European Independent Exploration and Production (E&P) Companies, EBITDA, $m, 2005-2009 103
Table 49: European Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m, 2005-2009 105
Table 50: European Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 107
Table 51: European Independent Exploration and Production (E&P) Companies, Profit Growth, CAGR, %, 2005-2009 109
Table 52: European Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 111
Table 53: European Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2005-2009 113
Table 54: European Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2005-2009 115
Table 55: European Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2005-2009 117
Table 56: European Independent Exploration and Production (E&P) Companies, Enterprise Value, $m, 2005-2009 119
Figure 1: European Independent Exploration and Production (E&P) Companies, Total Proved and Probable Oil and Gas Reserves, MMboe, 2009 8
Figure 2: European Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Reserves Additions, MMboe, 2009 10
Figure 3: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement Additions(Excluding Sales), MMboe, 2009 12
Figure 4: European Independent Exploration and Production (E&P) Companies, Proved and Probable Oil Reserves, MMbbl, 2009 14
Figure 5: European Independent Exploration and Production (E&P) Companies, Proved and Probable Gas Reserves, Bcf, 2009 16
Figure 6: European Independent Exploration and Production (E&P) Companies, Proved and Probable Oil Reserves as a % of Total Oil and Gas Reserves, %, 2009 18
Figure 7: European Independent Exploration and Production (E&P) Companies, Proved and Probable Gas Reserves as a % of Total Oil and Gas Reserves, %, 2009 20
Figure 8: European Independent Exploration and Production (E&P) Companies, Total Oil and Gas Production, MMboe, 2009 22
Figure 9: European Independent Exploration and Production (E&P) Companies, Oil Production, MMbbl, 2009 24
Figure 10: European Independent Exploration and Production (E&P) Companies, Gas Production, Bcf, 2009 26
Figure 11: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 3-Year, CAGR, 2007-2009 28
Figure 12: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Growth, 5-Year, CAGR, 2005-2009 30
Figure 13: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Change, 2008-2009 32
Figure 14: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 3-Year, CAGR, 2007-2009 34
Figure 15: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Growth, 5-Year, CAGR, 2005-2009 36
Figure 16: European Independent Exploration and Production (E&P) Companies, Oil and Gas Production Change, 2008-2009 38
Figure 17: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve/Oil and Gas Production Ratio, Years, 2009 40
Figure 18: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserves Replacement (Including Sales), Annual, %, 2009 43
Figure 19: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 3-Year, %, 2009 45
Figure 20: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Including Sales), 5-Year, %, 2009 47
Figure 21: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), Annual, %, 2009 49
Figure 22: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 3-Year, %, 2009 51
Figure 23: European Independent Exploration and Production (E&P) Companies, Oil and Gas Reserve Replacement (Excluding Sales), 5-Year, %, 2009 53
Figure 24: European Independent Exploration and Production (E&P) Companies, Total Costs Incurred, $m, 2009 55
Figure 25: European Independent Exploration and Production (E&P) Companies, Exploration Costs, $m , 2009 57
Figure 26: European Independent Exploration and Production (E&P) Companies, Development Costs, $m, 2009 59
Figure 27: European Independent Exploration and Production (E&P) Companies, Exploration and Development Cost, $m , 2009 61
Figure 28: European Independent Exploration and Production (E&P) Companies, Finding and Development Costs, $m, 2009 63
Figure 29: European Independent Exploration and Production (E&P) Companies, Reserve Replacement Cost per boe, Annual, $/boe, 2009 65
Figure 30: European Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Reserve Replacement Cost per boe, $/boe, 2009 67
Figure 31: European Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Reserve Replacement Costs per boe, $/boe, 2009 69
Figure 32: European Independent Exploration and Production (E&P) Companies, Oil and Gas Finding and Development Cost per boe, Annual, $/boe, 2009 71
Figure 33: European Independent Exploration and Production (E&P) Companies, 3-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2009 73
Figure 34: European Independent Exploration and Production (E&P) Companies, 5-Year Weighted Average Oil and Gas Finding and Development Cost per boe, $/boe, 2009 75
Figure 35: European Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue From Upstream Oil and Gas Operations, $m , 2009 78
Figure 36: European Independent Exploration and Production (E&P) Companies, Net Income/ Loss From Upstream Oil and Gas Operations, $m, 2009 80
Figure 37: European Independent Exploration and Production (E&P) Companies, Free Cash Flow From Upstream Oil and Gas Operations, $m, 2009 82
Figure 38: European Independent Exploration and Production (E&P) Companies, Oil and Gas Revenue per boe, $/boe, 2009 84
Figure 39: European Independent Exploration and Production (E&P) Companies, Net Income per boe, $/boe, 2009 86
Figure 40: European Independent Exploration and Production (E&P) Companies, Cash Flow per boe, $/boe, 2009 88
Figure 41: European Independent Exploration and Production (E&P) Companies, Total DD&A per boe, $/boe, 2009 90
Figure 42: European Independent Exploration and Production (E&P) Companies, Lifting Cost per boe, $/boe,2009 92
Figure 43: European Independent Exploration and Production (E&P) Companies, Net-back per boe, $/boe, 2009 94
Figure 44: European Independent Exploration and Production (E&P) Companies, Revenue, $m 2009 96
Figure 45: European Independent Exploration and Production (E&P) Companies, Operating Income, $m, 2009 98
Figure 46: European Independent Exploration and Production (E&P) Companies, Net Income/Loss, $m, 2009 100
Figure 47: European Independent Exploration and Production (E&P) Companies, EBITDA, $m , 2009 102
Figure 48: European Independent Exploration and Production (E&P) Companies, Operating Cash Flow, $m , 2009 104
Figure 49: European Independent Exploration and Production (E&P) Companies, Revenue Growth, CAGR, %, 2005-2009 106
Figure 50: European Independent Exploration and Production (E&P) Companies, Profit Growth, CAGR, %, 2005-2009 108
Figure 51: European Independent Exploration and Production (E&P) Companies, Operating Cash Flow Growth, CAGR, %, 2005-2009 110
Figure 52: European Independent Exploration and Production (E&P) Companies, Debt leverage, %, 2009 112
Figure 53: European Independent Exploration and Production (E&P) Companies, Total Debt/Proved Reserves , $/boe, 2009 114
Figure 54: European Independent Exploration and Production (E&P) Companies, Market Capitalization, $m, 2009 116
Figure 55: European Independent Exploration and Production (E&P) Companies, Enterprise Value, $m, 2009 118
Figure 56: GlobalData Methodology 120