ExxonMobil boosts gas reserves in 2015

ExxonMobil has added 1 billion boe of proved oil and gas reserves in 2015, the super-major said in a press release on Friday.

The increase includes replacing 67% of production and a 219% replacement ratio for crude oil and other liquids. At the end of 2015, ExxonMobil had 24.8 billion boe of proven reserves, a jump of 54% from the previous year. Over the past decade, the company has replaced 115% of its reserves. Current inventory is expected to last for 16 years at the current production rate.

The American multinational added assets to its portfolio in Abu Dhabi, Canada, Kazakhstan and Angola. It also discovered promising fields in Iraq, Australia, Romania and Nigeria. Its most significant discovery was in Guyana on its Liza field.

High-grade sandstone reservoirs of more than 90 metres were found at the Liza-1 well in May. Once the seismic work is completed, the company will contract a drillship to spud the well. The company expects this to happen in the near future.

“Our proved reserves represent a diverse portfolio that positions us to create shareholder value as we supply long-term energy demand growth. We will continue to apply our disciplined, paced investing approach as we develop our industry-leading resource base,” ExxonMobil CEO Rex W. Tillerson said.

For more news and features on the oil and gas industry in US, click here.