Oil giant ExxonMobil has announced that its overall gas and oil reserves over 2018 increased by 4.5 Bboe (billion barrels of oil equivalent) to, enough to cover the annual production more than three times over.
The company reported a total of 24.3 Bboe of proved oil reserves at the end of 2018. Proved reserves are hydrocarbon reserves that can be feasibly extracted to a reasonable level of confidence, so they are partially dependent on the prevailing oil price. The US Securities and Exchange Commission requires reserves to be reported according to the average prevailing market price on the first of each month. The higher prices seen over 2018 meant that 3.6 Bboe of reserves qualified as proved reserves in 2018.
ExxonMobil, which also makes a wide range of high quality lubricants for Mobil distributors, also increased its unconventional hydrocarbon production by 1.2 Bboe as part of its ambitious production and infrastructure growth plan for the Permian Basin.
The Groningen reserves in the Netherlands were marked down by 800 MMboe as part of its agreement with the government there to lower production, while other adjustments were made to account for developments from extending, analysing, and studying existing fields. Another 1.3 Bboe was also added through exploration and a number of acquisitions.
ExxonMobil CEO and Chairman Darren Woods said:
“We continue to add high-value, attractive assets to our portfolio that have positioned the company for long-term growth. Our unique strengths, integrated businesses and technical expertise continue to grow value for our shareholders.”