Exxon Bumps Up Oil Reserves with Oil Sands
Posted by Turn Key Oil on March 8, 2012 · Leave a Comment
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Oil companies are always on the search for ways to build up their oil reserves. More reserves means longer production times. Its definitely not a bad move to be on the constant look out for more and more reserves. Exxon recently vamped up their reserves with some tar sands locations. The Trefis Team explains how big of an oil reserve this really is!
Reserves addition
Over the past ten years, Exxon has managed to post a reserve replacement ration of 99% for liquids and a 150% replacement ratio of gas. In 2011, the Kearl oil sands project helped the company 166% replacement ratio of liquids. The oil sands project will start producing blended bitumen by the end of 2012. [2]The gas replacement ratio for Exxon dropped to 49% in 2011. At present production levels, the company’s reserves can last for 15 years. A strong reserve replacement ratio helps the company maintain production levels and dispose assets that yield low returns. Neglecting the effects of asset sales, the replacement rate for the company stood at 116% in 2011.
Looks like these oil reserves will serve Exxon right. They seem fairly significant. Not to mention, they will probably pay off down the road.
Quotes taken from report by Trefis Team, Read the entire article here.
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