Gas slump hits majors’ reserves

摘要

Last year’s slump in US natural gas prices, combined with heavy divestment programmes, left some majors struggling to replace their production with proven reserves additions, and emphasising liquids growth. The average reserves replacement ratio (RRR) for the group fell to 81pc from 127pc in 2011, with only Exxon- Mobil and Chevron exceeding 100pc. Gas made up 47pc of the majors’ combined reserves at the end of last year, compared with 48pc a year earlier (WPA, 30 March 2011, p2).