ExxonMobil Replaces Production for Sixth Year in a Row

Thursday, March 02, 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.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

BSEE, USCG on Sharing Information, Jt Ops

Bureau of Safety and Environmental Enforcement (BSEE) Director Brian Salerno and U.S. Coast Guard Rear Admiral Paul Thomas participated in a luncheon panel discussion

MOL Launches Coastal LNG Transport in Indonesia

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Junichiro Ikeda) today teamed up with a local partner in Indonesia, PT Pelindo Energi Logistik (PEL; President

Ensco Lost 2 Petrobras Contracts

Ensco Plc has concluded discussions with Petrobras regarding revised commercial terms with respect to some rig contracts.   Ensco 6003 and Ensco 6004 had their contracts terminated effective May 1,

Cruise Ship Trends

Norwegian Cruise Line, EMC Ink Internet Deal

EMC has entered a long-term strategic agreement with Norwegian Cruise Line Holdings to deliver a faster Internet experience and premium entertainment over satellite

Raytheon Anschütz Steering Gear Control for Luxury Cruise Ships

The German navigation system manufacturer Raytheon Anschütz was awarded a retrofit contract of steering gear control systems for two luxury cruise ships chartered by Noble Caledonia Ltd.

Stomach Bug on Disney Cruise

An outbreak of gastrointestinal illness occurred aboard the the Disney Cruise Line ship the Disney Wonder last week, and more than 100 people have become sick,

 
 
Maritime Careers / Shipboard Positions Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0794 sec (13 req/sec)