Marking the ninth consecutive year that the company has replaced more than 100% of its reserves, ExxonMobil Corp. announced Tuesday that additions to its worldwide proved oil and gas reserves totaled 1.9 billion boe in 2002, replacing 117% of production, including property sales.

Excluding property sales, reserve replacement totaled 118% of production.

In addition to noting the company’s nine-year record, ExxonMobil Corp. Chairman Lee Raymond said “I’m especially pleased that, over the last several years, we have added reserves in our established areas as well as those areas where we anticipate substantial future production growth.”

The company said the 2002 results were led by significant reserve additions from its growth areas in West Africa from developments in Angola, Nigeria, and Equatorial Guinea; in Qatar from ExxonMobil’s participation in the development of the North Field gas resources; and in the Caspian Region from the Megastructure fields in Azerbaijan and the Tengiz field in Kazakhstan. In addition, ExxonMobil said established operations in North America and Europe also contributed significant reserve additions.

Production totaled 1.6 billion boe in 2002, comparable to 2001, although production capacity increased. In the breakdown, ExxonMobil said liquids production was 902 million barrels, and gas production totaled 4.2 Tcf. With 21.9 billion boe of proved oil and gas reserves at year-end 2002, the company’s reserve life comes out to a current production rates of over 13 years.

For total resources, ExxonMobil calculated that it has added 2.2 billion net boe in 2002 to the industry’s largest resource base. The company’s total oil and gas resource base of 72 billion boe includes proved reserves and other discovered resources that will likely be developed.

“Continued high-quality additions to ExxonMobil’s resource base are the foundation of our long-term profitable growth,” Raymond said.

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