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Sunday, December 4, 2016

ExxonMobil Replaces Production for Sixth Year in a Row

March 2, 2000

Exxon Mobil Corporation announced worldwide additions to its proved oil and gas reserves totaled 1.7 billion oil-equivalent barrels in 1999, replacing 106 percent of production. Exxon Mobil Corporation Chairman Lee Raymond said, "This year's strong performance is the sixth year in a row that we've exceeded 100 percent replacement. Over the last twenty years, we've added nearly 35 billion oil-equivalent barrels to proved reserves, more than replacing reserves produced." The 1999 results were led by significant reserve additions in profitable established areas. These include reserves added in Canada associated with Cold Lake expansions, in Norway at Grane and at the Ringhorne/Forseti discoveries which will be produced through the nearby Balder field extending the life of the Balder facilities, and at LaBarge and South Belridge in the U.S. Additional reserve additions came from high-potential, emerging areas such as at Tengiz in Kazakhstan, Bonga in Nigeria, and from the ExxonMobil- operated Angola Block 15 Hungo discovery where development planning is underway. Production totaled 1.6 billion oil-equivalent barrels in 1999, similar to 1998. Liquids production was 912 million barrels, and gas production totaled 4.2 trillion cu. ft. With 21.3 billion barrels of proved oil and gas reserves at year-end 1999, ExxonMobil's reserve life at current production rates is more than 13 years -- one of the longest in the industry.


 
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