Oil giant ExxonMobil has announced that it boosted its oil and gas reserves by 2.7 billion BOE (barrels of oil equivalent) in 2017.
Its total reserves now stand at 21.2 BOE, of which 57% is liquids, a modest increase on the 53% of 2016. At current production rates, ExxonMobil has enough reserves for 14 years, although further hydrocarbon sources will no doubt be added long before this occurs.
Assets in Guyana supplied 3.2 billion BOE of new proven reserves. The company also added 800 million BOE of reserves when it acquired various assets from the Bass family of Texas to increase its presence in the prolific Permian Basin, where it continually optimises its operations, such as by drilling long laterals with optimised completions. A further 800 million BOE resulted from the Upper Zakum field in the United Arab Emirates, and another 900 million BOE came from some previously devalued assets, such as Canadian oil sands, which are now economically feasible in the current oil price environment.
Speaking about the development, the CEO and chairman of ExxonMobil, Darren Woods, said:
“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.”
ExxonMobil is currently the world’s biggest publicly traded hydrocarbons firm. In addition to its upstream oil and gas operations, it is also a prominent refiner and a producer of petroleum products, such as industrial lubricants like Mobilgear 600 XP 460.