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ExxonMobil announces 19% reserves growth

first_imgExxonMobil Corporation recently announced that its oil and gas reserves grew by 19 per cent in 2017 owing to growth in several places like the US, the United Arab Emirates and Guyana. ExxonMobil reported its reserve update following its fourth-quarter earnings, which failed to meet expectations.In 2017, the company added 2.7 billion barrels of oil equivalent (BOE) to its reserves, which marks 183 per cent production replacement. It brings the company’s total proved reserves to 21.2 billion BOE. ExxonMobil believes that the proved reserves hold significant development opportunities, which can grow shareholder value in the coming years.Of the total proved reserves, 57 per cent was liquids, which increased by four per cent from 53 per cent in 2016. At the current production rate of the company, its reserves are expected to last for 14 years.ExxonMobil spent more than $6 billion in 2017 to increase its presence in the Permian Basin. The company added more than 800 million BOE to its reserves in the basin. The Upper Zakum field in the United Arab Emirates contributed another 800 million BOE. The company’s Guyana assets provided proved reserves of 3.2 billion BOE, where it is partnering with Hess Corporation HES and others.The company’s press release stated, “ExxonMobil’s resource base totalled approximately 97 billion oil-equivalent barrels at year-end 2017, taking into account field revisions, production and asset sales.”In May 2015, Exxon confirmed more than 295 feet of high-quality oil-bearing sandstone reservoirs was encountered at its Guyana Liza 1 exploration well.In late June 2016, Exxon’s drilling results at Liza 2 revealed more than 58 metres of oil-bearing sandstone reservoirs in Upper Cretaceous formations. The well was drilled to 5475 metres, at 1692 metres water depth. Drilling results confirmed recoverable resources to be between 800 million and 1.4 billion barrels of oil equivalent.The company had announced that it made its third significant discovery in its drilling explorations offshore Guyana. Its partner, Hess Corporation, had noted that the Liza 3 exploratory well’s net value could be US$6.2 billion based on calculations from the Bank of Montreal (BMO) Capital Markets.Drilling on Payara began on November 12, 2016, with initial total depth reached on December 2, 2016. In January of 2017, the oil giant had announced it had struck some 95 feet of oil reservoirs in its Payara-1 well, targeting the same type of reservoirs as the well’s Liza counterpart.Oil was discovered in the Turbot-1 well in October of 2017. According to the oil company following the discovery, the well reservoir was 75 feet deep. Drilling has been ongoing at the Turbot well since August 2017.The Stabroek Block is 6.6 million acres. Esso Exploration and Production Guyana Limited is the operator and hold a 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd holds a 30 per cent interest, and CNOOC Nexen Petroleum Guyana Limited holds a 25 per cent interest.last_img read more

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BUSY MONTH AHEAD AS BEALTAINE FESTIVAL GETS OFF TO A FLYING START

first_imgSome of the guests at the launch of the Bealtaine Festival last night.Culture was an area of life that everyone can be involved in and benefit from.That was the message from Donegal County Council cathaoirleach, Cllr John Campbell when he officially opened the 18th annual Bealtaine festival last night.The event, which took place at the Central Library in Letterkenny, attracted guests from various parts of the county and a number of councillors too. Councillors and guests at last night’s lunch of Bealtaine.Bealtaine is organised by the Regional Cultural Centre and Donegal County Library, in association with a wide range of partner organisations. The range of events contained in the programme has something to suit everyone.Events include exhibitions, talks, reminiscence, computer classes, knitting, crochet, music, dancing and storytelling. The vast majority of events are free of charge, with special Bealtaine concessions available for others.Introducing this year’s programme of events Frances Crampsie from the Central Library said this year’s event invited everyone to become involved with arts and cultural activities and provided a chance to reignite the flame of creativity and unlock hidden talents through a variety of hidden talents.Shaun Hannigan of the Regional Cultural Centre outlined how over its 18 years Bealtaine had gone from eight to over 180 events and offered an ever widening variety of positive events for older people throughout the county. Cathaoirleach Cllr John Campbell, who launched this year’s event, said he would encourage everyone to attend the diverse programme of events and join in celebrating creativity in older age.“As a Council, we are dedicated to meeting the needs of the public through general education, information and recreation, to support the quest for knowledge and to meet the public’s interest in reading and the arts. Culture is an area of life that everyone can be involved in and benefit from. Donegal County Council’s Cultural Services have been a proactive agent for community development, lifelong learning and social inclusion throughout the county,” he said.Special guest Peter Kavanagh from Active Ireland said their vision was that of a society of all ages, free from age discrimination and stereotypes and based on solidarity, co-operation between generations where everyone was empowered to play an active part in their community and to enjoy equal rights and opportunities in all stages of life regardless of age, sex, race, ethnic origin, religious belief, social or economic status, sexual orientation, physical or medical conditions in need of care.He urged local and national politicians to take a lead in ensuring more awareness of the contribution older people had made to the nation over the yearsThe launch concluded with music from Tanya McCole and Dave Wintour and some impromptu dancing from the elderly and not so elderly guests. The event was sponsored by the Europe Direct Information Centre, Central Library, Letterkenny.For more on what’s happening during the Bealtaine festival visit www.donegallibrary.ieBUSY MONTH AHEAD AS BEALTAINE FESTIVAL GETS OFF TO A FLYING START was last modified: May 1st, 2015 by StephenShare this:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to share on LinkedIn (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Pocket (Opens in new window)Click to share on Telegram (Opens in new window)Click to share on WhatsApp (Opens in new window)Click to share on Skype (Opens in new window)Click to print (Opens in new window)Tags:Bealtainedonegalletterkennylast_img read more