LOS ANGELES, Feb 3, 2003 (PRIMEZONE) -- Occidental Petroleum Corporation (NYSE:OXY) announced today that it replaced 140 percent of its 2002 worldwide production of 188 million barrels of oil equivalent (BOE) at an average finding, development and acquisition cost of $4.65 per BOE.
Worldwide proven reserve additions from all sources in 2002 totaled approximately 263 million BOE resulting in a 3 percent increase in reserves to 2.31 billion BOE and a reserves-to-production ratio of 12.3 years at the end of 2002.
Improved recovery contributed 141 million BOE, or 54 percent of 2002 total reserve additions. Acquisitions made up 68 million, and extensions and discoveries added 51 million BOE, or 26 percent and 19 percent of the total, respectively. The remaining one percent came from revisions.
Approximately 69 percent of the 2002 worldwide reserve additions came from US operations, replacing 153 percent of US production of 119 million BOE. In addition, the company replaced 117 percent of its international production of 69 million BOE.
For the three-year period, 2000-2002, Occidental's average annual reserve replacement rate was 316 percent at an average finding, development and acquisition cost of $4.09 per BOE.