Yemisi Izuora/Ijeoma Agudosi
Exxon Mobil has replaced 104 percent of its 2014 production by adding proved oil and gas reserves totalling 1.5 billion oil-equivalent barrels, including a 162 percent replacement ratio for crude oil and other liquids.
According to the company’s chairman and chief executive officer, Rex Tillerson, ExxonMobil’s diverse global portfolio of attractive opportunities puts us in a unique position to execute our strategy to identify, evaluate and develop new energy supplies.
Continuing, he said, “Our ability to achieve an industry-leading record of long-term reserves replacement is made possible by the size and diversity of ExxonMobil’s resource base along with its project execution and technical capabilities.”
At year-end 2014, ExxonMobil’s proved reserves totalled 25.3 billion oil-equivalent barrels, which was made up of 54 percent liquids, up from 53 percent in 2013, and 46 percent natural gas.
Liquid additions during 2014 totaled more than 1.2 billion barrels, or 162 percent of production, and natural gas additions totaled approximately 300 million oil-equivalent barrels for a 42 percent replacement ratio.
During 2014, ExxonMobil added 3.2 billion oil-equivalent barrels to its resource base, driven primarily by resource additions in Nigeria Argentina, Canada, Tanzania and the U.S.
Additions include continued success in by-the-bit exploration discoveries, undeveloped resource additions and strategic acquisitions.
ExxonMobil’s by-the-bit conventional exploration success in 2014 included discoveries in Nigeria, Argentina, Australia, Norway and Tanzania.
Overall, the corporation’s resource base totalled more than 92 billion oil-equivalent barrels at year-end 2014, 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