28 February 2015, Lagos – 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, including a 162 per cent 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 it in a unique position to execute its 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 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.
During 2014, according to the News Agency of Nigeria (NAN), ExxonMobil added 3.2 billion oil-equivalent barrels to its resource base, driven primarily by resource additions in Nigeria Argentina, Canada, Tanzania and the US
The 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 and other discovered resources that are expected to be ultimately recovered.