Global oil and gas company ExxonMobil has provided an update of its proved reserves, which increased by 4.5 Gboe in 2018 to reach a total of 24.3 Gboe (64% of liquids). This amount is significantly higher than what was recorded a year ago, as the company added 2.7 Gboe of proved oil and gas reserves in 2017. ExxonMobil replaced 313% of the year’s hydrocarbon production and the company's reserves life is estimated at 17 years at current production rates.
More specifically, ExxonMobil added 1.3 Gboe to its resource base through exploration discoveries in Guyana and a strategic acquisition in Brazil. Another 1.2 Gboe of additional reserves came from continued growth in its liquids-rich unconventional plays, mainly in the United States Permian Basin. Higher prices also played a role and helped to qualify significant Canadian oil sands development volumes as proved reserves additions. However, reserves declined by around 800 mboe in the Netherlands due to the Dutch government's decision to curtail production at the Groningen field.