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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. During 2017, proved additions at Upper Zakum in Abu Dhabi totaled more than 800 million barrels of crude oil. Additions from liquids-rich unconventional plays in the United States, mainly in the Permian Basin, totaled approximately 800 million oil-equivalent barrels. Market Background Oil

2018 69

RAND reports suggest US DoD use less petroleum fuel to deal with high prices, not count on alternatives

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According to three new reports on “Promoting International Energy Security” issued by the RAND Corporation, because the energy purchases made by the US Department of Defense are not large enough to influence world oil prices—despite DoD requiring considerable amounts of fuel to function—cutting fuel use is the only effective choice to reduce what the Pentagon spends on petroleum fuels. Peak oil. Could oil production peak before 2030?

2012 78