Saturday, February 16, 2008
Venezuela Exit Takes Exxon '07 Reserves Below 100%
Citing the loss of Venezuelan oil reserves, Exxon Mobil Corp. (XOM) Friday became the latest oil major to fall short of 100% reserve replacement in 2007, posting a 76% reserve replacement for the year. The Irving, Texas oil giant said it replaced 1.2 billion oil-equivalent barrels in 2007, compared with production of about 1.6 billion barrels, a ratio of 76%. The result is the latest sign of the growing challenge the private oil majors face in replacing production.
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Any country with a determined leadership backed by the people can crush any mere corporation in a showdown. But there's the rub, eh?
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