ExxonMobil replaced just 67% of output in 2015

ExxonMobil Corp. added 1 billion boe of proved oil and gas reserves in 2015, replacing just 67% of production during the year compared with 115% over the past 10 years.

In 2014, the firm replaced 104% of its production by adding proved oil and gas reserves totaling 1.5 billion boe.

The 2015 total includes a 219% replacement ratio for crude oil and other liquids.

However, proved reserves of natural gas were reduced by 834 million boe primarily in the US, reflecting the change in gas prices. The company expects this gas to be developed and booked as proved reserves in the future.

At yearend, ExxonMobil’s proved reserves totaled 24.8 billion boe. Liquids represented 59% of proved reserves, up from 54% in 2014. ExxonMobil’s reserves life at current production rates is 16 years.

Reserves during the year were added in Abu Dhabi, Canada, Kazakhstan, and Angola. Liquid additions totaled 1.9 billion bbl.

ExxonMobil added 1.4 billion boe to its resource base through by-the-bit exploration discoveries, undeveloped resource additions, and strategic acquisitions.

The firm’s exploration activity in 2015 included the Liza oil discovery offshore Guyana (OGJ Online, May 20, 2015), and additional discoveries in Iraq, Australia, Romania, and Nigeria. Strategic unconventional resource additions were made in the Permian basin, Canada, and Argentina.

Overall, the company’s resource base totaled more than 91 billion boe at yearend 2015, taking into account field revisions, production, and asset sales. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.

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