ExxonMobil anticipates major project start-ups will deliver 1 million oil-equivalent barrels over the next five years, Rex W. Tillerson, chairman and chief executive officer, said at the New York Stock Exchange.
Production of crude oil and other liquids is expected to increase by an average of four percent per year between 2013 and 2017 as the company starts production at 28 major oil and gas projects, 24 of which are liquids or liquids-linked projects.
Twenty two major projects will start production over the next three years, including an expansion of the Kearl oil sands project in Alberta, Canada, and a liquefied natural gas export project in Papua New Guinea.
In a presentation to investment analysts, Tillerson said the company has a growing global portfolio of high-quality resource opportunities with exploration success most recently in Romania and Tanzania. ExxonMobil is planning to more than double its exploration acreage in a range of proven and emerging locations, such as Russia, that will feed its inventory in the coming years.
To continue to explore for and develop new resource opportunities, ExxonMobil plans to invest about $190 billion over the next five years to meet growing energy demand.
“An unprecedented level of investment is needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources,” Tillerson said. “We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies.”
At the meeting, the company outlined its major achievements in 2012 and plans for the future. Highlights include:
This is the 11th year that ExxonMobil has made an annual presentation to analysts at the New York Stock Exchange.
[mappress]