crude oil and lease condensate proved reserves
reached the topmost level since 1972, and natural gas proved reserves
exceeded last year's record level.
are estimated volumes of hydrocarbon resources considered with reasonable certainty to be recoverable under existing economic and operating conditions.
total) of proved reserves
of crude oil and lease condensate in 2012.
As of 30 September 2010 approximately 60% of the company's total proved reserves
, or 62.
I am pleased that our total additions to proved reserves
from extensions and discoveries were 200 percent of our record 2008 production.
At the current rate of consumption, it appears that the world's proved reserves
will be consumed in approximately 30 or 40 years.
The annual reporting of proved reserves
is the product of the corporation's long-standing, rigorous process that ensures consistency and management accountability in all reserves bookings.
Louisiana, Arkansas, Texas, Oklahoma, and Pennsylvania were the leading states in adding new proved reserves
of shale gas during 2009," he said.
The company's independent petroleum engineers estimated at 31 December 2009 the present value of its estimated future net revenues from proved reserves
discounted at 10%, to be USD137.
The prices used to calculate proved reserves
for year-end 2008, when Pioneer's proved reserves
were last reported, were $44.
The company has reported a preliminary estimate of year-end 2008 proved reserves
of around 12.
Additions to proved reserves
from all sources replaced 2007 production of 1.