ExxonMobil sees proven Africa reserves decline by half

ExxonMobil’s proved reserves of crude oil in Africa has decreased by 46% in the last four years, the company itself reports.

The company holds exploration and production assets in nine countries on the continent, including Angola, Chad, Equatorial Guinea, Namibia, Nigeria, Mauritania, Mozambique, South Africa and Tanzania.

Reserves dropped from 1.295Billion barrels at the end of 2014 to 695Million barrels at the end of 2018, the company’s last annual report shows. It progressively dropped to 1.18Billion in 2015, then to 1.05Billion in 2016 to 819Million barrels in 2017, before crashing to 695Million last year.

The figures are for proved developed and undeveloped reserves.

Proved reserves for natural gas show a relatively slight decline from 1.509Barres of Oil Equivalent in 2017, to 1.451BBOE in 2018, although this is higher, by almost 100%, than the figures for 2016, 2015 and 2014, reflecting the company’s acquisition of significant natural gas assets in Mozambique in 2017.

Still, in terms of the proved oil equivalent (which is to combine oil and gas reserves together) ExxonMobil’s reserves figures for Africa is one of a steep, four year decline. The company’s 2018 annual report indicates a drop from 1.43Billion Barrels of Oil Equivalent (BBOE) at the end of 2014 to 937Million BOE at the end of 2018.

Of all the seven regions in the company’s portfolio, only Australia/Oceania experiences such a decline in proved hydrocarbon reserves.

 

Source: Africa Oil+ Gas Report

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