Exxon Mobil boosts reserves

Exxon Mobil Corp said its oil and gas reserve additions last year were double its production, marking the biggest jump in more than a decade, with gains fuelled partly by the oil company’s purchase of XTO Energy. Exxon, the world’s largest publicly traded company, said it increased its proved reserves by 3.5bn oil equivalent barrels, or 209 per cent of its production, bringing its reserve base to 24.8bn oil equivalent barrels. Big oil companies have struggled to gain access to new supplies as countries with vast reserves like Venezuela have handed those over to state-run firms.