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ExxonMobil replaced 67% of production in 2015

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ExxonMobil announced that it added 1 billion oil-equivalent barrels (BOE) of proved oil and gas reserves in 2015, replacing 67% of production, including a 219% replacement ratio for crude oil and other liquids. At year-end 2015, ExxonMobil’s proved reserves totaled 24.8 billion BOE. Liquids represented 59% of proved reserves, up from 54% in 2014. ExxonMobil’s reserves life at current production rates is 16 years. In 2015, reserves were added in Abu Dhabi, Canada, Kazakhstan and Angola. Liquid additions during 2015 totaled 1.9 billion bbl. Natural gas proved reserves were reduced by 834 million BOE, primarily in the United States, reflecting the change in natural gas prices. The company expects this gas to be developed and booked as proved reserves in ...

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BP, Oman extend license to develop second phase of Khazzan tight gas field

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BP and Oman Oil signed a heads of agreement with the Government of the Sultanate of Oman committing to amend the Oman Block 61 exploration and production sharing agreement (EPSA), extending the license area of the block and enabling a further development of the major Khazzan tight gas field. BP is the operator of Block 61 with a 60% interest and Oman Oil holds the other 40%.

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