• 13 hours Saudi Fund Buys Stake in Hollywood Talent Agency
  • 18 hours Putin Is A New Russian Stalin - Victory For The Next 6 Years
  • 4 days Russian hackers targeted American energy grid
  • 4 days Is $71 As Good As It Gets For Oil Bulls This Year?
  • 13 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 9 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 4 hours Self-Driving Cars' First Fatality
  • 10 hours Trump Bans Venezuelan National Cryptocurrency
  • 12 hours Volkswagen To Announce $340 Million Tennessee Investment To Build New SUV For U.S. Market
  • 13 hours Africa Is The New Land Of Opportunity For Investors
  • 9 hours Is Trump Harming Oil Industry?
  • 17 hours Miners against Government: Largest Miners In Congo Quit Chamber Of Commerce Amid Growing Tax Dispute
  • 4 days HAPPY RIG COUNT DAY!!
  • 4 days Spotify to file $1 billion IPO
  • 10 hours Tillerson just sacked ... how will market react?
  • 4 days Oil Boom Will Help Ghana To Be One Of The Fastest Growing¨Economies By 2018!
Alt Text

Chile Sees Unrest In Its Gold And Copper Sectors

Major issues are emerging in…

Alt Text

China Is Now In Control Of Global Silver Prices

China, an unofficial price-setter for…

James Burgess

James Burgess

James Burgess studied Business Management at the University of Nottingham. He has worked in property development, chartered surveying, marketing, law, and accounts. He has also…

More Info

Trending Discussions

Exxon Eyes Production at 10 New Projects

Supergiant oil company ExxonMobil Corp. says it plans to simultaneously cut spending and launch production at a record 10 major projects this year, adding 300,000 barrels of oil equivalent per day of net capacity to its portfolio.  

ExxonMobil’s capital spending will decline to $39.8 billion this year from a peak of $42.5 billion in 2013, with capital expenditures expected to average less than $37 billion per year from 2015 to 2017, excluding potential acquisitions.

At the same time, the company will boost output with major new projects coming online this year, including a liquefied natural gas (LNG) project in Papua New Guinea and the largest offshore oil and gas platform in Russia, as well as a heavy oil expansion project in Canada and deepwater projects in the Gulf of Mexico.

Over the next few years, ExxonMobil anticipates additional project startups in several countries, including Australia, Indonesia, Malaysia, Canada, Nigeria, and the US, adding a total of 1 million net boe/d by 2017. Overall the company is pursuing more than 120 projects to develop 24 billion boe.

“We have a balanced and diversified portfolio that gives us a fundamental competitive advantage. Resource and geographic diversity across the portfolio enables us to mitigate risks in a dynamic market environment and maximize profitability through changing business cycles,” Exxon CEO Rex Tillerson said.

Liquids production is expected to rise 2% this year and 4%/year during 2015-17, representing the majority of the company’s total production increase. Liquids and liquids linked natural gas are projected to account for 69% of the company’s total production by 2017.

ExxonMobil is also pursuing investment opportunities to expand its chemical business and serve major growth markets.

By James Burgess of Oilprice.com

Back to homepage

Trending Discussions

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News