Home [ MAIN ] Oil Discoveries Boost Exxon Mobil Reserves To 1.5 Billion Barrels

Oil Discoveries Boost Exxon Mobil Reserves To 1.5 Billion Barrels

One of the largest oil firms operating in Nigeria, Exxon Mobil, has replaced by 104 per cent its 2014 production by adding proved oil and gas reserves totalling 1.5 billion oil-equivalent barrels.

The oil producer has also included a 162 per cent replacement ratio for crude oil and other liquids.

Chairman and chief executive officer, Exxon Mobil, Rex Tillerson, said the company’s diverse global portfolio of attractive opportunities puts it in a unique position to execute its strategy to identify, evaluate and develop new energy supplies.

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, the firm’s proved reserves totalled 25.3 billion oil-equivalent barrels, which was made up of 54 per cent liquids, up from 53 per cent in 2013, and 46 per cent natural gas.

Liquid additions during 2014 totalled more than 1.2 billion barrels, or 162 per cent of production, and natural gas additions totaled approximately 300 million oil-equivalent barrels for a 42 per cent replacement ratio.

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