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ExxonMobil adds 4.5 billion barrels to reserves
27 February 2019 , 16:09Neftegaz.RU601
Texas, February 27 - Neftegaz.RU. Exxon Mobil Corporation (NYSE:XOM) said today it added 4.5 billion oil-equivalent barrels of proved oil and gas reserves in 2018, replacing 313 % of the year’s production.
ExxonMobil's proved reserves totaled 24.3 billion oil-equivalent barrels at year-end 2018. Liquids represented 64 % of the reserves, up from 57 % in 2017.
ExxonMobil’s reserves life at current production rates is 17 years. Over the past 10 years, ExxonMobil has added proved oil & gas reserves totaling approximately 17 billion oil-equivalent barrels, replacing 108 % of produced volumes, including the impact of asset sales.
The company reports reserves based on the average of the applicable market price on the 1st day of each calendar month during the year. As a result of higher prices in 2018, about 3.6 billion oil-equivalent barrels, including volumes at the Kearl oil sands development in Canada, qualified as proved reserves additions at year-end.
During 2018, proved additions from unconventional plays totaled approximately 1.2 billion oil-equivalent barrels. Significant additions in the Permian Basin are supported by ExxonMobil’s growth plan including increased drilling activity and infrastructure development.
A downward revision of approximately 800 million oil-equivalent barrels in the Netherlands was a result of an agreement with the Dutch government to curtail production at the Groningen field.
ExxonMobil added 1.3 billion oil-equivalent barrels to its resource base in 2018 through by-the-bit exploration discoveries and strategic acquisitions, primarily in Guyana and Brazil. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.
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