The world's largest integrated oil company, ExxonMobil, has revealed that it replaced 122% of the reserves it processed in 2006, to leave it in the relatively unique position of finishing a year with more oil reserves that it had at the start.
The 122% replacement rate means that the US oil titan has added nearly two billion barrels of oil to its portfolio of reserves. Therefore, ExxonMobil’s total reserves now stand at 22.7 billion barrels with a reserve life of 14.2 years at current production rates.
Meanwhile, production totaled 1.6 billion oil equivalent barrels in 2006, with 976 million barrels of liquids and 3.7 trillion cubic feet of gas produced.
With a five year average replacement ratio of 114%, ExxonMobil has continued to replace annual production with new quality opportunities, said Rex Tillerson, ExxonMobil’s chairman and chief executive officer. This performance is a reflection of our disciplined investment strategy and strong project portfolio and execution capabilities, which enable the corporation to continue to develop its globally diverse resource base to help meet the world’s growing energy needs.
The reserve additions in 2006 came from all geographical regions. The most significant additions came from the Asia Pacific/Middle East region.