Replacing more than 100% of its production yet again, ExxonMobil Corp. said additions to its worldwide proved oil and gas reserves totaled 1.7 billion boe in 2003, replacing 105% of production, including property sales. Excluding the property sales during the year, reserve replacement totaled 107% of production.

“This marks the tenth year in a row that proved reserves additions have more than replaced our produced volumes,” said Lee Raymond, chairman. “The annual reporting of reserves is the product of our long-standing processes within the corporation which ensure consistency and management accountability with respect to all reserve bookings. All reserve additions and revisions follow a rigorous and structured management review process stewarded by a team of experienced reserve experts with global responsibilities.”

The 2003 reserve results for ExxonMobil had a heavy international flavor as reserve replacements were led by significant additions from the company’s growth areas in the Caspian Region developments, including the Kashagan field and expansions to the Tengiz and Azeri-Chirag-Guneshli fields. Other strong contributions came in Qatar from ExxonMobil’s participation in the development of the North Field gas resource, in West Africa from developments in Nigeria and Chad and from new developments and established operations in Europe.

For the year, ExxonMobil’s production totaled 1.6 billion boe in 2003, consisting of 912 million barrels of liquids production and 4 Tcf of gas production. The company noted that with 22 billion barrels of proved oil and gas reserves at yearend 2003, ExxonMobil’s reserve life at current production rates is nearly 14 years. Resource additions during the year totaled 2.1 billion barrels.

ExxonMobil noted that key 2003 additions were associated with successful exploration drilling campaigns in Angola, Nigeria, Canada, Brazil, Kazakhstan and the United States as well as additional resources related to new liquefied natural gas developments in Qatar.

The company’s total oil and gas resource base of more than 72 billion boe includes proved reserves and other discovered resources that will likely be developed, ExxonMobil said.

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