Exxon Mobil Corp. (XOM) added 1 billion barrels of oil equivalent (Bboe) of proved oil and gas reserves in 2015, replacing 67% of production including a 219% replacement ratio for crude oil and other liquids, the company said Feb. 19.
At year-end 2015, there were 24.8 Bboe, 59% liquids; this was higher than year-end 2014’s 54%.
ExxonMobil said the reserve life is 16 years at current production rates.
In 2015, reserves were added in Abu Dhabi, Canada, Kazakhstan and Angola.
Liquid additions during 2015 totaled 1.9 Bbbl. Natural gas proved reserves were reduced by 834 MMboe, primarily in the U.S., reflecting the change in natural gas prices; this gas will be developed and booked as proved reserves in the future.
The added reserves reflect new developments and revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance.
During the year, 1.4 Bboe was added to the resource base through discoveries, undeveloped resource additions and strategic acquisitions.
There was a significant oil discovery offshore Guyana and there were additional discoveries in Iraq, Australia, Romania and Nigeria. Strategic unconventional resource additions were made in the West Texas Permian Basin, Canada and Argentina.
Overall, the corporation’s resource base totaled more than 91 Bboe at year-end 2015, taking into account field revisions, production and asset sales. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.
Over the past 10 years, ExxonMobil has replaced 115% of the reserves it produced, including the impact of asset sales.
ExxonMobil Corp. is based in Irving, Texas.
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