ExxonMobil Corp. intends to spend $190 billion during the next 5 years on exploration and development to meet anticipated growing world energy demand, Chairman and Chief Executive Officer Rex Tillerson told investment analysts in a Mar. 6 presentation at the New York Stock Exchange.
The supermajor plans to more than double its exploration acreage in a range of proved and emerging locations, such as Russia, he said.
“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.”
ExxonMobil’s major project startups are expected to deliver 1 million boe by 2017 with liquids production to rise on average by 4%/year during 2013-17 as the company starts production at 28 major oil and gas projects, 24 of which are liquids or liquids-linked projects.
In the next 3 years alone, 22 major projects are expected to come on stream, including an expansion of the Kearl oil sands project in Alberta, and an LNG export project in Papua New Guinea (OGJ Online, Feb. 4, 3013).
ExxonMobil has a growing portfolio of high-quality resource opportunities with exploration success most recently in Romania and Tanzania, Tillerson said.
During 2012, ExxonMobil replaced 115% of its 2012 production and 174% of its crude oil and other liquids, increasing total proved reserves to 25.2 billion boe. The company reached this total by adding 1.8 billion boe of proved reserve additions last year.