Exxon Replaces Production for Fifth Consecutive Year

Tuesday, August 31, 1999
Exxon Corporation announced worldwide additions to its proved oil and gas reserves totaled 1.1 billion oil-equivalent barrels in 1998, replacing 106 percent of production. Exxon Chairman Lee Raymond said, "This year's strong performance is the fifth year in a row we've exceeded 100 percent replacement. Over the last 10 years, we've added nearly 11 billion oil-equivalent barrels to proved reserves, more than replacing reserves produced. Long-term reserves portfolio management and development is a key area of emphasis in our business." Production totaled one billion oil-equivalent barrels in 1998, similar to 1997. Liquids production was 570 million barrels, and gas production exceeded 2.5 trillion cu. ft. for the third year in a row. With 13.9 billion barrels of proved oil and gas reserves, Exxon's reserve life at current production rates is nearly 14 years - one of the longest in the industry.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Petrobras hands over Campos basin stake to PetroRio

Petrobras today signed with PetroRio S.A. (‘PetroRio’) the contracts for the sale of 20% of its stake in the concessions of Bijupirá and Salema fields, currently operated by Shell.

Damen, AMELS sell YSV with Heli Hanger

The sale of a new 69-metre Yacht Support vessel marks the next level of development for the successful Yacht Support range built by DAMEN in cooperation with Dutch luxury yacht builder AMELS.

Golar Moves Ahead with lucrative FLNG Project in Cameroon

Golar LNG Limited inform that with regards the signing of a Heads of Agreement with Societe Nationale de Hydrocarbures ("SNH") and Perenco Cameroon ("Perenco")

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.1251 sec (8 req/sec)