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2018-02-09 10:30:00

EXXON'S RESERVES 21.2 BLN

EXXON'S RESERVES 21.2 BLN

EXXON -  Exxon Mobil Corporation (NYSE:XOM) said it added 2.7 billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183 percent of production. ExxonMobil's proved reserves totaled 21.2 billion oil-equivalent barrels at year-end 2017. Liquids represented 57 percent of the reserves, up from 53 percent in 2016. ExxonMobil's reserves life at current production rates is 14 years.

"Our exploration success and strategic acquisitions made during a period of low commodity prices are adding high-quality resources that are among the lowest cost of supply in the industry," said Darren W. Woods, chairman and chief executive officer. "ExxonMobil's portfolio of development opportunities positions us to grow shareholder value as we bring on new supplies of oil and natural gas to meet growing demand."

During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Additions from liquids-rich unconventional plays in the United States, mainly in the Permian Basin, totaled approximately 800 million oil-equivalent barrels. Additions in the Permian are supported by ExxonMobil's growth plan and increased drilling activity, expected to increase daily production to more than 600,000 oil-equivalent barrels by 2025.

Other significant new proved reserve additions were made in Guyana, where the company funded the first phase of development last year, and in Mozambique, associated with the project funding of the Coral FLNG project in the gas-rich deepwater Area 4.

Offshore Guyana, ExxonMobil has discovered recoverable resources, including current proved reserves and additional resources, estimated to be 3.2 billion gross oil-equivalent barrels prior to the 2018 Ranger discovery. Production from Liza Phase 1 is expected to begin by 2020, less than five years after discovery. In Mozambique, ExxonMobil acquired a 25 percent indirect interest in Area 4, which contains an estimated 85 trillion gross cubic feet of natural gas in-place.

Reserves additions reflect new developments as well as revisions and extensions of existing fields resulting from drilling, studies and analysis of reservoir performance.

Consistent with SEC requirements, ExxonMobil reports reserves based on the average of the applicable market price prevailing on the first day of each calendar month during the year. As a result of higher prices in 2017 relative to 2016, about 900 million oil-equivalent barrels in North America qualified as proved reserves under SEC guidelines due primarily to the extension of the projected economic end-of-field-life.

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.

Resource Base

ExxonMobil added 9.8 billion oil-equivalent barrels to its resource base in 2017 through by-the-bit exploration discoveries and strategic acquisitions. This was the largest addition to the resource base since the acquisition of XTO Energy in 2010. The resource base includes proved reserves, plus other discovered resources that are expected to be ultimately recovered.

Through its acquisition of various entities from the Bass family of Fort Worth, Texas in 2017, ExxonMobil added significant resource in the Permian Basin, with upside potential in multiple additional prospective horizons. The company continues to maximize capital efficiency in its tight oil developments by taking advantage of contiguous acreage to drill long laterals with optimized completion designs.

Key resource additions were also made in deepwater Brazil pre-salt with the acquisition of interest in the two billion gross oil-equivalent-barrel Carcara field, onshore Papua New Guinea with the acquisition of InterOil Corporation, and Mozambique with the purchase of an interest in Area 4.

Three new discoveries offshore Guyana in 2017 also contributed to the by-the-bit resource additions. Additional exploration drilling in Guyana is planned in 2018 on the 11.5 million gross acres currently held offshore.

ExxonMobil's resource base totaled approximately 97 billion oil-equivalent barrels at year-end 2017, taking into account field revisions, production and asset sales.

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Earlier:

 EXXON ENERGY OUTLOOK - 2040
2018, February, 5, 07:45:00

EXXON ENERGY OUTLOOK - 2040

EXXONMOBIL - Despite efficiency gains, global energy demand will likely increase nearly 25 percent. Nearly all growth will be in non-OECD countries (e.g. China, India), where demand will likely increase about 40 percent, or about the same amount of energy used in the Americas today.

 

 EXXON NET INCOME $19.7 BLN
2018, February, 5, 07:15:00

EXXON NET INCOME $19.7 BLN

EXXONMOBIL - ExxonMobil Earns $19.7 Billion in 2017; $8.4 Billion in Fourth Quarter

 

 

 EXXON - PETROBRAS ALLIANCE
2017, December, 18, 12:15:00

EXXON - PETROBRAS ALLIANCE

Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.

 

 EXXON BOUGHT MOZAMBIQUE
2017, December, 18, 12:10:00

EXXON BOUGHT MOZAMBIQUE

ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.

 

 EXXON INCREASES COMPETITIVENESS
2017, November, 13, 10:20:00

EXXON INCREASES COMPETITIVENESS

The world’s biggest oil explorer by market value recently finished four wells in North Dakota’s Bakken region that extend sideways for 3 miles (4.8 kilometers), Barclays Plc analyst Paul Cheng said in a research note after meeting Exxon executives, and it’s closing in on the 4-mile mark.

 

 EXXON И РОССИЯ СОГЛАСИЛИСЬ
2017, September, 15, 08:35:00

EXXON И РОССИЯ СОГЛАСИЛИСЬ

12 сентября было подписано мировое соглашение между Россией и компанией ExxonMobil в рамках судебного разбирательства по иску о взыскании денежных средств по соглашению о разделе продукции по проекту "Сахалин-1". Стороны достигли взаимовыгодного компромисса. От имени Российской Федерации мировое соглашение подписал Министр финансов Антон Силуанов.

 

 AGAINST RUSSIA SANCTIONS
2017, July, 5, 12:20:00

AGAINST RUSSIA SANCTIONS

Exxon Mobil Corp. and other energy companies have joined President Donald Trump in expressing concerns over a bill to toughen sanctions on Russia, arguing that it could shut down oil and gas projects around the world that involve Russian partners.

 

 

Tags: EXXON, MOBIL, RESERVES

Chronicle:

EXXON'S RESERVES 21.2 BLN
2018, May, 18, 08:50:00

NORD STREAM TO GERMANY

REUTERS - A consortium of western companies and Russia’s Gazprom that is due to build the controversial subsea Nord Stream 2 gas pipeline to Germany said on Tuesday it was starting preparatory work in the Greifswald bay off Germany’s Baltic coast.

EXXON'S RESERVES 21.2 BLN
2018, May, 18, 08:45:00

GAZPROM - AUSTRIA: +70.4%

GAZPROM - The parties reviewed the issues of cooperation in the energy industry, focusing on, inter alia, substantial growth in Russian gas exports to Austria. According to preliminary data, from January 1 through May 14, 2018, Gazprom delivered to Austria 4.7 billion cubic meters of gas, an increase of 70.4 per cent from the same period of last year.

EXXON'S RESERVES 21.2 BLN
2018, May, 18, 08:40:00

U.S. INDUSTRIAL PRODUCTION UP 0.7%

FRB - Industrial production rose 0.7 percent in April for its third consecutive monthly increase. The rates of change for industrial production for previous months were revised downward, on net; for the first quarter, output is now reported to have advanced 2.3 percent at an annual rate.

EXXON'S RESERVES 21.2 BLN
2018, May, 18, 08:35:00

ROSATOM IS GLOBAL

WNN - Rosatom, the Russian state nuclear corporation, signed a series of agreements with overseas companies during the Atomexpo conference and exhibition being held this week in Sochi, Russia. The agreements, with Chile, China, Cuba, Finland, Hungary, Iran, Italy, Kazakhstan, Saudi Arabia, Serbia, Spain and Zambia, include the engineering and medical sectors, among others.

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