Welcome to Nigeria Oil & Gas Forum. Feel free in using the Forum, Reply to Posts, Participate in Discussions, Make your Requests, Ask your Questions,

Author Topic: New Nigerian Discoveries Boost Exxon Mobil Reserves  (Read 888 times)

Offline Admin

  • Administrator
  • Hero Member
  • *****
  • Posts: 1178
  • What do you think +3/-0
  • Gender: Male
  • Watch me as I unfold
    • View Profile
    • Oil & Gas Planet
New Nigerian Discoveries Boost Exxon Mobil Reserves
« on: February 27, 2015, 12:07:16 PM »

Exxon Mobil has 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.

According to the company’s chairman and chief executive officer, Rex Tillerson, ExxonMobil’s diverse global portfolio of attractive opportunities puts it in a unique position to execute its strategy to identify, evaluate and develop new energy supplies.

Continuing, he said: “Our ability to achieve an industry-leading record of long-term reserves replacement is made possible by the size and diversity of ExxonMobil’s resource base along with its project execution and technical capabilities.”

At year-end 2014, ExxonMobil’s proved reserves totalled 25.3 billion oil-equivalent barrels, which was made up of 54 per cent liquids, up from 53 per cent in 2013, and 46 per cent natural gas.

Liquid additions during 2014 totalled more than 1.2 billion barrels, or 162 per cent of production, and natural gas additions totaled approximately 300 million oil-equivalent barrels for a 42 per cent replacement ratio.

During 2014, according to the News Agency of Nigeria (NAN), ExxonMobil 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.


Adewale Odubiyi
Owner, Nigeria Oil & Gas Forum

Nigeria Oil & Gas Forum

New Nigerian Discoveries Boost Exxon Mobil Reserves
« on: February 27, 2015, 12:07:16 PM »


Related Topics

  Subject / Started by Replies Last post
0 Replies
Last post April 12, 2014, 02:57:52 PM
by Admin
0 Replies
Last post April 28, 2014, 09:48:43 AM
by Admin
0 Replies
Last post November 13, 2014, 12:14:31 PM
by Admin
0 Replies
Last post May 16, 2016, 08:50:35 AM
by Admin
0 Replies
Last post March 28, 2017, 05:50:57 PM
by olusolabiz

Sponsored Ads

Quick Links

About Us
Contact us
Privacy Policy

Contact Info

Nigeria Oil & Gas Forum

Email Address
Contact Form
Business Hours
9.00am - 5.00pm (Mon - Sat)

Would you like to partner with us on this forum?

Then you can contact us here

Nairaland     Oil Prices     UK Gas Forum     Ghana Gas Forum     Russian Oil & Gas Forum     Israel Oil Forum     Agric Forum      freeslots.la

Powered by EzPortal