Mobil added 33 % to proven reserves in '96

Jan 20, 1997 01:00 AM

Mobil Corp. has replaced 133 % of its oil and natural gas production with new proven reserves in 1996. Including asset purchases and sales, additions to proven reserves in 1996 totalled 804 mm barrels of oil equivalent, while annual production was 607 mm barrels, the company said. It said proven reserves at year end were 6.810 bn barrels of oil equivalent, up 197 mm barrels from a year earlier. Mobil said its proven reserves represent about 28 % of its total resource inventory. This inventory of estimated oil and natural gas in the ground -- most of which has not been booked as proven reserves -- grew by over 5 bn barrels of oil equivalent last year, or the equivalent of over eight years of production. At year end, this resource inventory of proven and unproven reserves totalled over 24 bn barrels of oil equivalent, up from 18.8 bn at the end of 1995. Over the past three years, the company has replaced, on average, 118 % of its proved reserves.
Of the 804 mm barrels oil equivalent in proven reserve additions in 1996, 282 mm resulted from exploration discoveries and extensions in the Aasgard Unit in Norway, offshore Eastern Canada, Nigeria and Equatorial Guinea. Another 571 mm barrels came from major acquisitions, including Ampolex and a 25 % interest in the giant Tengiz oil field in Kazakhstan. Partially offsetting these additions was a reduction of 134 mm barrels from the sale of assets in the US and Canada related to ongoing restructuring initiatives.

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