Exxon Mobil Boosted by New Oil Discoveries in Nigeria

Oil giant Exxon Mobil has according to ThisDayLive replaced by 104 per cent its 2014 production by adding proved oil and gas reserves totalling 1.5 billion oil-equivalent barrels, including a 162 per cent replacement ratio for crude oil and other liquids.

During 2014 the oil company added 3.2 billion oil-equivalent barrels to its resource base, driven primarily by resource additions in Nigeria Argentina, Canada, Tanzania and the US.

The additions include continued success in by-the-bit exploration discoveries, undeveloped resource additions and strategic acquisitions.

ExxonMobil’s by-the-bit conventional exploration success in 2014 included discoveries in Nigeria, Argentina, Australia, Norway and Tanzania.

Overall, the corporation’s resource base totalled more than 92 billion oil-equivalent barrels at year-end 2014, taking into account field revisions, production, and asset sales.

The resource base includes proved reserves and other discovered resources that are expected to be ultimately recovered.