Direct and Ultimate are the terms that Wood Mackenzie use to describe the company-level ownership/interest in an asset:
Direct – Companies with a direct asset interest only
Ultimate – Top-level companies with no parents
To illustrate the difference between the two, we will use CNOOC International and CNOOC as our company examples. CNOOC International is classified as a Direct company by Wood Mackenzie as it is a subsidiary company and has only direct asset interest. CNOOC is classified as an Ultimate company as it is a ‘parent’ to companies such as CNOOC International (with no parent companies itself).
Differentiating between Direct and Ultimate Ownership in Lens
In this section we will explore two examples for differentiating between the different types of compay-level asset ownership for the Buzzard field (UK).
Example 1:
For this example we will look at the asset ownership difference for both CNOOC International (Direct) and CNOOC (Ultimate).
In Lens Upstream, one way to quickly analyse the different types of ownership of an asset is via the ‘Field interest breakdown’ chart under the ‘Ownership’ cashboardard.
By clicking the cog symbol above the chart (
) and accessing the settings, you can swap between the different ownership views available (Direct or Ultimate).
Using the previously stated company examples CNOOC International (Direct) and CNOOC (Ultimate), we can see how the ownership chart changes according to which option is selected in Lens:
For more detailed information on ownership and percentages of interest, the accompanying data table (accessed via 
) will also illustrate the Ownership chain of the companies involved in the asset you are looking at:
N.B. This data table can also be adjusted via the settings to show only Direct or Ultimate company interest.
Example 2:
As well as via the 'Ownership' dashboard in Lens, the company-level ownership can also be investigated via the 'Resources' and 'Production' dashboards.
In this example we will take a look at company-level net remaining resources:
When we take a look at the settings now, in addition to 'Ultimate' and Direct' views, there is also the option to view 'All' company-level ownership.
This option will show All companies with interest in the asset, regardless of the company's level.
A description of each company-level option can be found below:
The Ultimate ownership option can be used to see a ranking of the ultimate owners of resources. All ultimate company value metrics will total 100%.
The Direct ownership option will show a ranking of the direct owners of all resources. All direct company metric values will total 100%.
The All option will display a ranking of direct owners, ultimate owners, and any owners inbetween of all resources. The total metric values in this view may result in a sum of more than 100%.
The image below demonstrates the 'All' company option for the Buzzard field:
What's Next?
Now we have explored the different types of company-level ownership for an asset, you can also take a learn how to: