Exxon Mobil (XOM) announced today that in 2009 the company’s proven reserves increased by 133% of the amount of oil produced.Exxon now has 23.3 billion oil-equivalent-barrels of reserves comprised of about half liquids and half gas. It’s the largest amount in the company’s history.
Amazingly, Exxon, who has been accused in the past of being too conservative in terms of exploration and development, has been finding more oil than it produces for each of the last 16 years, to the dismay of peak oil proponents.
Exxon Mobil: “ExxonMobil is an industry leader in reserves replacement,” said Rex W. Tillerson, chairman and chief executive officer. “We have replaced more than 100 per cent of production for 16 consecutive years, reflecting our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution. Adding new reserves ensures that ExxonMobil will continue to develop new supplies of energy to meet future demand and support economic growth and improved standards of living.”
The annual reporting of proved reserves is the product of the corporation’s long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.
The corporation’s reserves additions in 2009, the highest in the decade, reflect new developments with significant funding commitments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance. Reserves additions from the Papua New Guinea LNG project and the Gorgon Jansz LNG project in Australia totaled almost one billion oil equivalent barrels. Proved additions were also made in many other countries including Canada, the United States, Angola and Norway.
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