proved oil reserves

Exxon Cuts 3 Bn Barrels From Oil Reserves

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Exxon Mobil cut its proved oil reserves by three billion barrels to 20 billion barrels at the end of 2016, the company announced Wednesday. “As a result of very low prices during 2016, certain quantities of liquids and natural gas no longer qualified as proved reserves under SEC guidelines,” the company said in a statement. … Read more

A Forlorn Plea Of African Migrant Worker

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Prior to Americans discovery of oil in commercial quantities in 1938, what is now oil rich kingdom of Saudi Arabia was predominantly a poverty-drenched nomadic economy. The data from US Energy Information Administration suggest that Saudi Arabia possesses 16% of the world’s proved oil reserves. It is the largest exporter of total petroleum liquids in … Read more