Adding to the growing list of producers detailing their proved reserves numbers, ConocoPhillips reported Monday that it showed a net gain of 650 MMboe last year.

The Houston-based major said it replaced 106% of last year’s production (133% excluding sales and acquisitions), bringing its total reserve base to 7.8 Bboe, excluding 0.3 billion bbl associated with its Canadian Syncrude operations. Syncrude is defined by the Securities and Exchange Commission as mining-related and not part of the conventional oil and gas proved reserve base.

Including sales and acquisitions, ConocoPhillips said it achieved its production replacement at a finding and development (F&D) cost of $5.35/boe last year. Five-year average production replacement for the period 1999 through 2003 was 414% at an average F&D cost of $4.29/boe. Its reserves-to-production ratio is 12.6 years.

“ConocoPhillips had a very successful 2003, in terms of project approvals,” said Bill Berry, executive vice president of Exploration and Production. “Our focused efforts to progress our legacy projects toward development resulted in major increases in proved reserves, primarily from projects in Australia, Canada and Norway.

“Looking ahead, we anticipate our current pipeline of projects to provide the company with substantial future reserves growth. In 2004, we will continue to pursue government approval on our Kashagan project in Kazakhstan, as well as the authorization of major projects in the United Kingdom, China and Alaska.”

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