ExxonMobil has announced that additions to its proved reserves in 2008 totaled 1.5 billion oil-equivalent barrels, replacing 103% of production. Excluding the impact of asset sales, reserves addition replaced 110% of production.
According to teh company, the additions assume the long-term pricing basis that the company uses to make its investment decisions, rather than single-day, year-end pricing.
Reserves additions from the Kearl Phase-1 oil sands project in Canada totaled 1.1 billion oil-equivalent barrels. Proved additions were also made in a diverse range of countries including the US, Norway, Nigeria, Angola and Australia. Asset sales in 2008 reduced proved reserves by 0.1 billion oil-equivalent barrels.
Utilizing December 31, 2008, liquids and natural gas prices, proved reserves replacement was two billion oil-equivalent barrels in 2008, replacing 136% of production, including the effect of asset sales.
Rex Tillerson, chairman and CEO of ExxonMobil, said: ExxonMobil continues to make good reserves additions, and has replaced an average of 110% of production over the last 10 years.
We take a long-term view of resource development and invest throughout the commodity price cycle. Adding new reserves ensures that ExxonMobil will continue to develop new supplies of energy that will be critical to help meet the world’s growing needs into the future.
