Imperial adds 10% to proved reserves

Imperial Oil, Canada’s largest integrated oil and gas company, logged a healthy 10.15 percent increase in proved reserves last year, entering 2007 at 1.65 billion barrels of oil equivalent. Proved liquids reserves, including bitumen, added 11.52 percent to 1.53 billion barrels, but natural gas lost 4.95 percent to 710 billion cubic feet.

The company, owned 69.6 percent by ExxonMobil, produced 112.17 million barrels of oil equivalent of proved reserves and recorded 264.33 million barrels of oil equivalent of revisions. In-situ bitumen rose by 189 million barrels to 741 million barrels after production of 46 million barrels, but mined bitumen reserves declined to 719 million barrels after allowing for production of 21 million barrels.

Conventional crude oil and natural gas liquids reserves took a sharp drop of 12 million barrels to 71 million barrels.

—Gary Park