ExxonMobil Replaces More Than 100% of 2007 Production

US-based integrated energy giant ExxonMobil has announced that it replaced more than 100% of its production in 2007.

Additions to ExxonMobil’s worldwide proved oil and gas reserves totaled 1.6 billion barrels of oil equivalent (boe)in 2007 or 101% of production. Reserves replacement totaled 132% excluding the effects of the expropriation of Venezuelan assets and property sales.

The firm’s total oil and gas resource base stands at 72 billion boe at year-end 2007. During 2007, ExxonMobil added two billion boe of total resources. Significant resource additions were made from successful drilling programs in the US, West Africa and the Asia Pacific region, the company said.

Overall, the firm’s resource base was reduced by 1.8 billion oil-equivalent barrels in 2007, negatively driven by the effects of the Venezuelan expropriation of 1.6 billion boe.

ExxonMobil stated that, with 22.7 billion barrels of proved oil and gas reserves at year-end 2007, split about evenly between liquids and gas, its reserves life at current production rates is more than 14 years. The portion of proved reserves already developed is 62%.

Rex Tillerson, ExxonMobil’s chairman and CEO, said: “With a 10-year average replacement ratio of 112%, ExxonMobil has continued to replace annual production with new, quality reserves additions.”