ExxonMobil Corp. boosted its proven reserves in 2008 by 1.5 billion boe, more than replacing the amount of oil and natural gas it produced. The Irving, TX-based major said reserves added totaled 103% of the resources it produced last year. ExxonMobil had 22.8 billion boe of reserves at year-end 2008, split evenly between natural gas and oil. Excluding asset sales, the producer replaced 110% of its output. Using the Dec. 31, 2008 oil and gas prices required by the Securities and Exchange Commission to make reserves calculations, ExxonMobil replaced 136% of its output, the company said. Prices from a single day, it said, are not useful for making long-term investment decisions. At the end of 2008, ExxonMobil’s proved reserves base increased to 22.8 billion boe. The company’s reserves life, at current production rates, is 15.3 years. The portion of proved reserves already developed was estimated at 62%.
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ExxonMobil Boosts Year-End Reserves
ExxonMobil Corp. boosted its proven reserves last year by 1.5 billion boe, more than replacing the amount of oil and natural gas it produced.
FERC Urges Adding Shale and Stranded Gas to Reserve Counts
The Securities and Exchange Commission (SEC) said last week it was close to a decision on a re-vamp of its reserve reporting rules for oil and natural gas. Besides the question of proven vs. unproven reserves, the SEC is considering recommendations from FERC that a true estimate of natural gas reserves should include shale gas and so-called “stranded” natural gas.
Chevron Blames Part of Reserves Decline on Venezuela Fall-Out
Chevron Corp. replaced only 11% of its proven oil and natural gas reserves in 2007 and total reserves fell 7% from 2006, partly because of “the effect of a conversion of operating service agreements” in Venezuela, the company said last week.
Chevron Blames Some of Reserves Decline on Venezuela Fall-Out
Chevron Corp. replaced only 11% of its proven oil and natural gas reserves in 2007 and total reserves fell 7% from 2006. Part of the decline was due to “the effect of a conversion of operating service agreements” in Venezuela, the company said Thursday.
Range’s Considerable Upside Looking Bigger
Range Resources Inc., which is 82% weighted to natural gas, last year built its proven reserves base in the United States by 27% to 2.2 Tcfe, driven by strong growth in the Marcellus and Barnett shales.
Range’s Considerable Upside Looking Bigger
Range Resources Inc., which is 82% weighted to natural gas, last year built its proven reserves base by 27% to 2.2 Tcfe, driven by strong growth in the Marcellus and Barnett shales.
REX-West, TransColorado Expansion Aiming for Jan. 1
As the pieces of the massive Rockies Express (REX) pipeline continue to fall into place, the in-service dates for some facilities have proven to be moving targets, as was evidenced last week by a construction update from REX.
Montana to Monitor CBM Development in Wyoming, Canada
While coalbed methane (CBM) has proven to be a valuable resource, Montana Gov. Brian Schweitzer and his government have had their hands full with CBM developers in Canada and Wyoming, whose projects could affect the water quality of some of Montana’s major rivers in addition to the state’s wildlife.
Montana to Monitor CBM Development in Wyoming, Canada
While coalbed methane (CBM) has proven to be a valuable resource, Montana Gov. Brian Schweitzer and his government have had their hands full with CBM developers in Canada and Wyoming, whose projects could affect the water quality of some of Montana’s major rivers in addition to the state’s wildlife.
