ExxonMobil announced 100 percent reserves replacement for 12 consecutive years
Posted: 20 February 2006
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ExxonMobil Corporation said that additions to its worldwide proved oil and gas reserves totalled 1.7 billion oil-equivalent barrels in 2005, excluding the effects of using single-day, year-end pricing.
Production totalled 1.5 billion oil-equivalent barrels in 2005, with 917 million barrels of liquids and 3.7 trillion cubic feet of gas produced. The corporation replaced 112 percent of production including property sales, and 129 percent excluding property sales.
"This represents the twelfth consecutive year of greater than 100 percent reserves replacement," said Rex Tillerson, Exxon Mobil Corporation chairman and chief executive officer. "The annual reporting of proved reserves is the product of our long-standing, rigorous process within the corporation, which ensures consistency and management accountability with respect to all reserves bookings. This process, combined with our disciplined investment strategy and strong project portfolio and execution capabilities, is making it possible for ExxonMobil to continue to develop our globally diverse resource base to meet the world's growing energy needs."
Consistent with our significant investment and growing participation with Qatar Petroleum in the development of liquefied natural gas and pipeline gas sales from Qatar's North Field, proved reserves additions in Qatar totaled 1.6 billion oil-equivalent barrels. ExxonMobil's ongoing commitment of capital to the growing LNG business, underpinned by our confidence in the demand for gas and the liquidity of our targeted gas markets, was further demonstrated with the November 2005 announcement of the launch of the Ras Laffan Liquefied Natural Gas Company Limited (RL3). Proved additions were also made in West Africa from developments in Angola and Nigeria, and from new developments and established operations in the United States, Norway, Russia, and Canada. These proved reserves additions reflect developments with substantial funding commitments as well as revisions to existing fields following additional drilling, reservoir performance data and evaluation, or study activities. Asset sales reduced proved reserves by 0.3 billion oil-equivalent barrels.
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