ExxonMobil Corp. plans to invest $185 billion over the next 5 years to develop new supplies of energy to meet expected growth in demand, Chairman and Chief Executive Officer Rex W. Tillerson announced Mar. 8 in a presentation to investment analysts at the New York Stock Exchange.
Tillerson noted that even with significant efficiency gains, ExxonMobil expects global energy demand to increase by 30% by 2040, compared with 2010 levels. Demand for electricity will make natural gas the fastest-growing major energy source, and oil and gas are expected to meet 60% of energy needs over the next 3 decades, he said.
A total of 21 major oil and gas projects will begin production between 2012 and 2014. In 2012 and 2013, the company expects to start up nine major projects and anticipates adding over 1 million boe/d of net production by 2016. These projects include four in West Africa, Kashagan Phase 1 in Kazakhstan, and the Kearl Oil Sands project in Canada.
Downstream, the company has completed a large project at its Thailand refinery, which is expected to increase the supply of lower-sulfur motor fuels by more than 50,000 b/d, and additional projects are under way, including new facilities at ExxonMobil’s Singapore refinery and at a joint-venture refinery in Saudi Arabia.
A major expansion at its Singapore chemicals facilities is nearing completion, ExxonMobil said. Commissioning and start-up activities are expected to continue through 2012, adding 2.6 million tonnes/year of additional capacity to help meet demand growth in the Asia-Pacific region.