IRVING, Texas, Feb. 7 /PRNewswire/ -- Exxon Mobil Corporation (NYSE: XOM)
announced today that worldwide additions to its proved oil and gas reserves
totaled 1.7 billion oil-equivalent barrels in 1999, replacing 106 percent of
production.
Exxon Mobil Corporation Chairman Lee Raymond said, "This year's strong
performance is the sixth year in a row that we've exceeded 100 percent
replacement. Over the last twenty years, we've added nearly 35 billion oil-
equivalent barrels to proved reserves, more than replacing reserves produced."
All figures exclude property sales. With sales included, reserve
replacement in 1999 totaled 105 percent.
The 1999 results were led by significant reserve additions in profitable
established areas. These include reserves added in Canada associated with
Cold Lake expansions, in Norway at Grane and at the Ringhorne/Forseti
discoveries which will be produced through the nearby Balder field extending
the life of the Balder facilities, and at LaBarge and South Belridge in the
U.S. Additional reserve additions came from high-potential, emerging areas
such as at Tengiz in Kazakhstan, Bonga in Nigeria, and from the ExxonMobil-
operated Angola Block 15 Hungo discovery where development planning is
underway.
Production totaled 1.6 billion oil-equivalent barrels in 1999, similar to
1998. Liquids production was 912 million barrels, and gas production totaled
4.2 trillion cubic feet.
With 21.3 billion barrels of proved oil and gas reserves at year-end 1999,
ExxonMobil's reserve life at current production rates is over 13 years -- one
of the longest in the industry.
RESOURCE ADDITIONS TOTAL 1.9 BILLION BARRELS
In 1999, ExxonMobil strengthened its large, total resource base to
69 billion oil-equivalent barrels with additions of 1.9 billion net oil-
equivalent barrels, of which over 65 percent is liquids.
"New field additions to the resource base exceeded one and a half billion
oil-equivalent barrels for the fourth year in a row with finding costs of a
dollar and twenty cents per barrel," Raymond said.
Key 1999 additions were associated with new venture drilling offshore West
Africa where five discoveries in Angola Blocks 15 and 17, along with the Erha
discovery in Nigeria Block 209, were announced. ExxonMobil participates in
15 West Africa deepwater discoveries that represent world-class development
opportunities. Significant exploration success in the deepwater Gulf of
Mexico at the Crazy Horse discovery also added to ExxonMobil's total resource
base.
The company's total oil and gas resource base, which includes proved
reserves and other discovered resources that will likely be developed, totaled
69 billion oil-equivalent barrels at year-end 1999. Total resources have
increased nearly 30 percent over the last ten years. "Supported by its high-
quality resource base which is carefully managed, ExxonMobil has a large
portfolio of opportunities to draw upon for replacement of current production
and profitable growth in the future," Raymond said.
SOURCE Exxon Mobil Corporation
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CONTACT:
Dave Dickson of Exxon Mobil Corporation,
972-444-1108
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