ExxonMobil Corporation has said that it expects to start production at 10 major projects this year, adding new capacity of approximately 300 00 net oil equivalent bpd and contributing to profitable production growth.
At the company’s annual investment analyst meeting at the New York Stock Exchange, Rex W. Tillerson, chairman and CEO said, ‘these projects exemplify our focus on maintaining a diversified portfolio and highlight our ability to grow profitable volumes. We are adding new volumes that improve our profitability mix with higher liquids and liquids linked natural gas volumes. We’re also driving increased unit profitability through bitter fiscal terms and reducing low margin barrel production.’
An LNG project in Papua New Guinea and the largest offshore oil and gas platform in Russia are among significant projects scheduled for startup this year. Others include a heavy oil expansion project in Canada and deepwater projects in the Gulf of Mexico.
The company’s downstream and chemical businesses are focused on strengthening the portfolio and delivering sustained, industry leading financial performance across the business cycle. Midstream investments in North America will expand ExxonMobil’s logistics capabilities to transport crude oil and finished products. Other advantaged projects will increase production of high value products.
In the next few years, ExxonMobil is planning additional project startups in several countries including Australia, Indonesia, Canada, Nigeria and the US. All of these projects are expected to add approximately 1 million net oil equivalent bpd by 2017. In North America, ExxonMobil’s near term production outlook is made up of significant high margin, low risk liquids growth. The company’s production outlook also reflects strategic choices made to improve unit profitability while maintaining disciplined capital allocation.
Adapted from a press release by Claira Lloyd.
Read the article online at: https://www.oilfieldtechnology.com/exploration/06032014/exxonmobil_2014_plans238/
You might also like
Equinor sells its Nigerian business, including its share in the Agbami oil field, to Nigerian-owned Chappal Energies.