Oil giant Exxon Mobil has according to ThisDayLive 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.
During 2014 the oil company 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.
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