Prudhoe adds to ExxonMobil reserve growth

Petroleum News Alaska

Exxon Mobil Corp. said Jan. 30 that additions to its worldwide proved oil and gas reserves totaled 1.8 billion oil-equivalent barrels in 2000, replacing 112 percent of production, excluding property sales. With sales included, reserve replacement totaled 111 percent.

“This is the seventh year in a row that we’ve exceeded 100 percent reserves replacement,” Exxon Mobil Corp. Chairman Lee Raymond said in a statement. “This continues over 20 years of strong performance, during which time we have more than replaced reserves produced.”

The 2000 results were led by significant reserve additions in profitable established areas, the company said. These include reserves added in the United States, where replacement exceeded 145 percent with additions at Prudhoe Bay as a result of the equity realignment in this super-giant field, and in the Pescado and Borealis fields; in Canada at Hibernia and Sable; and in Europe at Statfjord, Skene, and Walsrode.