India approves establishment two additional strategic petroleum reserves

The Union Cabinet has approved establishment of two strategic petroleum reserves (SPRs) with a total capacity of 6.5 million tonnes (MT), the Interim Finance Minister Piyush Goyal informed the Hindu Business Line. With an additional 6.5 million tonnes (mt) of Strategic Petroleum Reserve (SPR) facilities at Chandikhol in Odisha and Padur in Karnataka, the cabinet […]

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Reporting oil companies’ proved reserves in 2016 decline for second consecutive year – EIA

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Annual reports of 68 publicly traded oil companies show their aggregate proved liquids reserves declined in 2016 for the second consecutive year, according to the U.S. Energy Information Administration (EIA). The EIA said the decline in proved reserves was heavily concentrated in a few companies that reduced their estimated reserves from Canadian oil sands projects. Downward revisions of existing resources, […]

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ExxonMobil says had proved reserves of 20 billion oil-equivalent barrels at end-2016; down 3.3 billion

Exxon Mobil Corporation said its proven reserves were 20 billion oil-equivalent barrels at year-end 2016, inclusive of a net reduction of 3.3 billion oil-equivalent barrels from 2015. Reserves changes in 2016 reflect new developments as well as revisions and extensions to existing fields resulting from drilling, studies, analysis of reservoir performance and application of the […]

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