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ExxonMobil adds 2.7B barrels oil equivalent to reserves; replaces 183% of 2017 production

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billion oil-equivalent barrels of proved oil and gas reserves in 2017, replacing 183% of production. billion oil-equivalent barrels at year-end 2017. ExxonMobil’s reserves life at current production rates is 14 years. billion gross oil-equivalent barrels prior to the 2018 Ranger discovery. Resource Base.

2017 186
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PetroSA in talks with Mozambique for GTL plant; 70% diesel output

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South African state-owned oil company PetroSA is in talks with Mozambique to develop a 40,000 barrels-per-day gas-to-liquids (GTL) plant there. Gareth Shaw, PetroSA’s business development manager for GTL, said his company was proposing the building the plant at a cost of around $4 billion.

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ExxonMobil evaluating significant near-term capital and operating expense reductions; COVID-19

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The company is closely monitoring the COVID-19 pandemic and has adjusted work arrangements to ensure a healthy work environment and support communities where it operates. For 2020, the company anticipated an investment level of up to $33 billion, depending on the progress of individual projects. million net acres.

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ExxonMobil seeking to boost growth, continue work on lower-emissions technologies including biofuels and carbon capture

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ExxonMobil expects to increase annual earnings potential by more than 140% and double potential annual cash flow from operations by 2025 from 2017 adjusted earnings, assuming a 2017 oil price of $60 per barrel adjusted for inflation and based on 2017 margins. In Brazil, the company has acquired 2.3 —Darren Woods.

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Eni reports important new discovery offshore Congo

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The exploration well, Nene Marine 3, was drilled in a water depth of 28 meters (92 feet) and encountered a significant wet gas and light oil accumulation in the pre-salt clastic sequence, outlining a significant extension to the west of the reservoir and its hydraulic continuity. billion barrels of oil equivalent in place.

Congo 230