Exxon Mobil Corporation added 2.7 billion barrels of oil to its reserves in 2017.
The Texas-headquartered company reports the oil and gas reserves replaced 183% of production.
As of year-end of 2017, Exxon Mobil claimed proved reserves of 21.1 billion barrels of oil equivalent, with the life of the reserves at 14 years based on current production rates.
The figure comes from major contributors including Upper Zakum in Abu Dhabi and the Permian Basin in the U.S.
Other significant new proved additions were made in Guyana and Mozambique.
Darren W. Woods, chairman and chief executive officer, said: “Our exploration success and strategic acquisitions made during a period of low commodity prices are adding high-quality resources that are among the lowest cost of supply in the industry.
“ExxonMobil’s portfolio of development opportunities positions us to grow shareholder value as we bring on new supplies of oil and natural gas to meet growing demand.”
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