ExxonMobil adds 1 billion boe to reserves

ExxonMobil added 1 billion boe of proved oil and gas reserves in 2015 for a total of 24.8 billion boe that was a result of new developments, and a significant discovery offshore Guyana.

The added reserves replaced 67 percent of production, and included a 219 percent replacement ratio for crude oil and other liquids.

Of the total reserves, liquids accounted for 59 percent of proved reserves, up from 54 percent in 2014. ExxonMobil’s reserves life at current production rates is 16 years, the company said.

Exxon was able to add reserves in Abu Dhabi, Canada, Kazakhstan, and Angola last year. In addition, discoveries with its “by-the-bit” exploration, included Iraq, Australia, Romania, and Nigeria. However, its most notable was from Guyana at its Liza discovery.

In May, the company confirmed a significant oil discovery at its Liza-1 exploration well, where the well encountered more than 295ft (90m) of high quality oil-bearing sandstone reservoirs. In addition, Exxon said earlier this month that its seismic acquisition of Liza is nearing completion, and that work is underway to contract a drillship to appraise the Liza discovery to spud a well shortly.

“ExxonMobil has a successful track record of proved reserves replacement over the long term, demonstrating the strength of our global strategy to identify, evaluate, capture and advance high-quality opportunities,” said Rex W. Tillerson, ExxonMobil chairman and CEO.“Our proved reserves represent a diverse portfolio that positions us to create shareholder value as we supply long-term energy demand growth. We will continue to apply our disciplined, paced investing approach as we develop our industry-leading resource base.”

Added liquid reserves last year came in at 1.9 billion bbl, and natural gas proved reserves were reduced by 834 MMboe, primarily in the US due to the change in natural gas prices. 

The company anticipates to start up 10 major project between now and 2017.