Exxon Mobil expands oil reserves

Oil giant Exxon Mobil Corp. said Monday its 2008 proved reserves hit 1.5 billion oil-equivalent barrels — a development that prompted the company to say its new reserves can replace 103 percent of production.

Proved reserves are those reserves that geological and engineering data indicate with reasonable certainty to be recoverable today or in the near future with current technology and under current economic conditions. Irving-based Exxon Mobil added that minus the impact of asset sales, the reserve additions replaced 110 percent of production.
The reserve additions last year were the result of spending tied to drilling in existing fields, studies and an analysis of reservoir performance.

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