Mobil Replaced 165 Percent of Oil and Gas Reserves in 1998.FAIRFAX, Va.--(BUSINESS WIRE)--Jan. 20, 1999--Mobil Corp. announced Wednesday that it replaced 165 percent of its oil and gas production with new proved reserves proved reserves The quantity of minerals expected to be recoverable under current economic and operating conditions. The amount of proved reserves is important in valuing the stock of a company with significant holdings in natural resources. in 1998. Over the past three years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time company has replaced, on average, 148 percent of its production. Excluding purchases and sales, replacement for 1998 reached 169 percent at an average cost of finding and developing of about $3.70 per barrel, and over the last three years about 130 percent of production was replaced at an average cost of about $4.20 per barrel. Proved reserves at year-end were 7,585 million barrels of oil equivalent (MMBOE MMBOE Million Barrels of Oil Equivalent (energy and petroleum industry) ), up 408 MMBOE from 1997. Production was 625 MMBOE for 1998 resulting in a reserves to production ratio (reserve life) of just over 12 years. Additions to proved reserves totaled 1,033 MMBOE including 641 MMBOE from exploration, extensions and other additions, 417 MMBOE from revisions to ongoing projects, less 25 MMBOE from purchases and sales. The 641 MMBOE from extensions, discoveries and other additions included about 480 MMBOE for the Cerro Negro Cerro Negro is a volcano in the Cordillera de los Maribios mountain range in Nicaragua, about 10km from the village of Malpaisillo. It is a very new volcano, the youngest in Central America, having first appeared in April 1850. heavy oil project in Venezuela, consistent with approval of the upgrader and completion of the project financing Project financing A form of asset-based financing in which a firm finances a discrete set of assets on a stand-alone basis. , plus additions in Eastern Canada Eastern Canada (also the Eastern provinces) is the region of Canada generally considered to be east of Manitoba, consisting of the following provinces:
The 417 MMBOE from revisions included about 140 MMBOE in the US and about 275 MMBOE in international operations. In the US, 60 MMBOE were added as a result of Mobil's swap of certain assets in the central and western Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east shelf to Arco for their onshore California interests; about 120 MMBOE were added due to expanded operations at Aera (Mobil's California heavy oil joint venture with Shell) and better than anticipated performance and improved recovery in other existing fields; and about 40 MMBOE of downward reserve revisions were incurred due to technical reassessments of various fields in the shallow water Gulf of Mexico and other areas. Internationally, about 275 MMBOE were added primarily due to upward revisions to a number of fields in Nigeria, the Zafiro field in Equatorial Guinea and various fields in Europe, less the write-off of about 50 MMBOE of reserves at the Madura field in Indonesia due to a delay in development. Mobil's proved reserves represent just under 30 percent of the total resource inventory which now totals about 28 billion barrels of oil equivalent, up about 3 billion BOE BOE Based on Experience BOE Board of Education BOE BoletÃn Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip for the year. Major increases to resources this year came from the Canadian oil sands project and the enhanced gas utilization project in Qatar. For more news and information about Mobil, please see us on the World Wide Web at www.mobil.com. |
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