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Yemen Terminal
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reserves
Reserve bookings capture only a glimpse of what’s next. In 2007, we added 102 million boe of proved reserves, replacing about 110% of our annual production. Our year-end proved and probable reserves totaled 2.0 billion boe. Yet there’s more—just look at our oil sands. So far we’ve booked 791 million barrels of proved and probable reserves for Phases 1 and 2 of Long Lake—but we have enough land to potentially develop up to 10 phases. Our booked reserves also reflect little for our undeveloped discoveries in the Gulf of Mexico and UK, and the unconventional CBM and shale gas in our leases in western Canada. As these projects take shape, we expect to book significantly more reserves, proving what’s next.
Did you know 98% of our proved reserves were assessed by independent qualified consultants in 2007? Learn more about our reserve estimates at www.nexeninc.com/reports/A8.asp
reserves
| |
Oil and Gas Activities |
Mining |
|
| (mmboe) |
International |
United States |
Canada |
Total Oil and Gas |
Syncrude3 |
Total Oil, Gas and Mining |
| Yemen |
United Kingdom |
Other Int’l |
Oil |
Gas |
Oil |
Gas |
Bitumen |
| Oil |
Oil |
Gas |
Oil |
December 31, 2007 |
56 |
342 |
9 |
98 |
64 |
58 |
80 |
96 |
791 |
1,594 |
370 |
1,964 |
Proved Reserves1 |
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2006 |
66 |
179 |
3 |
40 |
34 |
39 |
57 |
61 |
246 |
725 |
324 |
1,049 |
| Extensions and Discoveries |
2 |
10 |
– |
– |
1 |
3 |
1 |
6 |
– |
23 |
8 |
31 |
| Acquisitions |
– |
1 |
– |
– |
3 |
8 |
– |
– |
– |
12 |
– |
12 |
| Dispositions |
– |
– |
– |
– |
– |
(2) |
– |
– |
– |
(2) |
– |
(2) |
| Revisions |
1 |
43 |
1 |
– |
(7) |
(5) |
4 |
2 |
22 |
61 |
– |
61 |
| Production |
(28)4 |
(30) |
– |
(2) |
(6) |
(6) |
(6) |
(7) |
– |
(85) |
(8) |
(93) |
December 31, 2007 |
41 |
203 |
4 |
38 |
25 |
37 |
56 |
62 |
268 |
734 |
324 |
1,058 |
Probable Reserves1,2 |
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2006 |
22 |
152 |
8 |
59 |
69 |
30 |
22 |
40 |
154 |
556 |
46 |
602 |
Extensions, Discoveries
and Conversions |
(4) |
(29) |
(2) |
– |
0 |
2 |
1 |
(2) |
378 |
344 |
– |
343 |
| Acquisitions |
– |
2 |
– |
– |
1 |
6 |
– |
– |
– |
9 |
– |
9 |
| Dispositions |
– |
– |
– |
– |
(15) |
(9) |
– |
– |
– |
(24) |
– |
(24) |
| Revisions |
(3) |
14 |
(1) |
1 |
(16) |
(8) |
1 |
(4) |
(9) |
(25) |
– |
(24) |
December 31, 2007 |
15 |
139 |
5 |
60 |
39 |
21 |
24 |
34 |
523 |
860 |
46 |
906 |
Proved + Probable Reserves1,2 |
|
|
|
|
|
|
|
|
|
|
|
|
| December 31, 2006 |
88 |
331 |
11 |
99 |
103 |
69 |
79 |
101 |
400 |
1,281 |
370 |
1,651 |
Extensions, Discoveries
and Conversions |
(2) |
(19) |
(2) |
– |
1 |
5 |
2 |
4 |
378 |
367 |
8 |
374 |
| Acquisitions |
– |
3 |
– |
– |
4 |
14 |
– |
– |
– |
21 |
– |
21 |
| Dispositions |
– |
– |
– |
– |
(15) |
(11) |
– |
– |
– |
(26) |
– |
(26) |
| Revisions |
(2) |
57 |
– |
1 |
(23) |
(13) |
5 |
(2) |
13 |
36 |
– |
37 |
| Production |
(28) 4 |
(30) |
– |
(2) |
(6) |
(6) |
(6) |
(7) |
– |
(85) |
(8) |
(93) |
- We internally evaluate all of our reserves and have at least 80% of our proved reserves assessed by independent qualified consultants each year; 98% were assessed this year. Our reserves are also reviewed and approved by our Reserves Committee and our Board of Directors. Reserves represent our working interest before royalties at year-end constant pricing using Securities and Exchange Commission rules. Gas is converted to equivalent oil at a 6:1 ratio.
- Probable reserves are determined according to SPE/WPC definitions. US investors should read the Cautionary Note to US Investors at the end of this report.
- US investors should read the Cautionary Note to US Investors at the end of this report.
- Production includes volumes used for fuel in Yemen.
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reserves
table
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