The oil and gas company ExxonMobil has unveiled its 2017 full-year results and added 2.7 Gboe of proved oil and gas reserves in 2017, replacing 183% of production. Total proved reserves reached 21.2 Gboe at the end of the year, out of which 57% for liquids (53% in 2016). At current production rates, the company's reserves life is estimated at 14 years. A significant addition to the reserves comes from the Upper Zakum oil field in Abu Dhabi (United Arab Emirates), which added 800 mboe to the company's reserves. Another 800 mboe of additional reserves came from liquids-rich unconventional plays in the United States, mainly in the Permian Basin.
ExxonMobil's 2017 production slightly declined in 2017 (-2%), as liquid production dipped by 82 kb/d (fields decline and lower entitlements), while gas production increased by only 84 mcf/d (2.3 mcm/d), thanks to project ramp-up in Australia. The group sold an average 5.5 mb/d of oil products (+48 kb/d). In 2017, capital and exploration expenditures rose by 20% to US$23.1bn, focusing on oil production in the Permian Basin in West Texas and New Mexico (United States), operation expansions, infrastructure enhancement and new manufacturing site construction.