ExxonMobil Replaces 111% of Production
ExxonMobil Corporation announced that additions to its worldwide proved oil and gas reserves totaled 1.8 billion oil-equivalent barrels in 2001, replacing 111 percent of production, excluding property sales. With sales included, reserve replacement totaled 110 percent.
Exxon Mobil Corporation Chairman Lee Raymond said, "This is the eighth year in a row that reserves additions have exceeded annual production. All of our major operating areas contributed this year. Overall, we have more than replaced reserves produced over the last 25 years."
Reserve replacements in profitable established areas led 2001 results. For example, in North America additions replaced 109 percent of production, with contributions from the deepwater Gulf of Mexico to Alaska's North Slope in the U.S. and from Syncrude in Canada. Other additions in established areas included those in Qatar associated with the third LNG train at RasGas and in Norway and Malaysia. Significant reserves were also added in Equatorial Guinea, Kazakhstan, and Australia.
ExxonMobil produced 1.6 billion oil-equivalent barrels in 2001. Liquids production was 0.9 billion barrels, and gas production totaled 4.2 trillion cubic feet. Reserve additions this year more than replaced both liquids and gas volumes produced.
With 21.6 billion barrels of proved oil and gas reserves at year-end 2001, ExxonMobil's reserve life at current production rates is more than 13 years -- one of the longest in the industry.
In 2001, ExxonMobil strengthened its large, total resource base to 72 billion oil-equivalent barrels with additions of 2.5 billion net oil-equivalent barrels, 50 percent of which is liquids.
Key 2001 additions were associated with drilling at Kashagan in Kazakhstan, the Itau discovery in Bolivia, on the Northwest shelf in Australia, on the Cepu Block in Indonesia, at Bonga Southwest in Nigeria, and with continued exploration success on ExxonMobil-operated Block 15 in Angola.
"ExxonMobil's functional organization, expertise, and leadership in technology are the driving forces behind these results," Raymond said.