Analysis of upstream crude oil production by GlobalData shows that over US$39.2 billion in Capex is forecast to be spent by ExxonMobil on oil projects over the next four years to ensure that its production remains around 2.1 million bpd in 2021.
The Upper Zakum field in the United Arab Emirates would drive the company’s oil production with over 8.3% share of all production in 2021.
ExxonMobil has participation in about 546 fields, which are expected to have an equity weighted production of over 2.1 million bpd in 2021, with new projects contributing about 62 500 bpd.
Conventional oil fields are forecast to be responsible for 1.2 million bpd of production in 2021 while heavy oil will contribute 84 600 bpd. Onshore fields will produce 1.1 million bpd, which accounts for half of the total crude produced by the ExxonMobil-operated fields.
ExxonMobil is expected to spend US$39.2 billion over the next four years on crude projects, with Capex peaking in 2021 at US$10.8 billion. Chad is expected to have the highest remaining Capex per boe with US$40.50/boe, followed by the UK and the Netherlands with US$37.30/boe, and US$28.30/boe, respectively.
Among the fields in which ExxonMobil has equity stake, the shallow water Upper Zakum field is the major oil producing field with contribution to ExxonMobil of about 172 900 bpd of oil in 2021. The project has a remaining break-even oil price of US$5/bbl and ADNOC Offshore is the operator of this shallow water field.
The Kearl Oil Sands Project in Canada is another major onshore oil producing field, which is expected to contribute about 153 500 bpd of oil to ExxonMobil in 2021. Imperial Oil Ltd is the current operator of this field, which has the remaining break-even oil price of US$38/bbl.
The company-operated Permian Basin Unconventional in the US is the next major onshore oil producing field, which is expected to contribute around 145 600 bpd of oil in 2021 with the remaining break-even of US$48/bbl.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/23012018/globaldata-onshore-fields-account-for-more-than-half-of-exxonmobils-crude-production-to-2021/