ExxonMobil sees strong energy reserves

HOUSTON, Feb. 17 (UPI) -- American supermajor ExxonMobil said its replacement in 2008 of more than 100 percent of its oil production was on par with its decadelong forecasts.

"This strong performance reflects our strategic focus on resource capture, a disciplined approach to investment and excellence in project execution," said Chief Executive Officer Rex Tillerson.

Energy analysts said costly production at older fields and political obstacles handicapped oil and gas production, but Exxon countered that supplements to its reserve base in 2008 from tar sands in Canada and other "unconventional" production added to its long-term durability, the Financial Times reports.

The forecasts from ExxonMobil come on the heels of predictions from Christophe de Margerie, chief executive officer at French supermajor Total, who had suggested that oil production had reached its peak.

De Margerie said high production costs and other inhibitors meant it was possible the world would never again produce more than 89 million barrels per day.