By OGJ editors
HOUSTON, Mar. 6 -- ExxonMobil Corp. Chairman and Chief Executive Officer Rex Tillerson revealed the major's plans to invest more than $125 billion in capital spending over the next 5 years.
"We will invest record amounts to develop new technology, bring on new upstream projects, increase our base refining capacity, and grow our chemical business," Tillerson told analysts at the New York Stock Exchange.
Tillerson said ExxonMobil's industry-leading portfolio of 119 projects is expected to support development of more than 24 billion oil-equivalent barrels of energy.
During 2008-10 alone, Tillerson said the company expects to participate in the start up of 19 new projects which, at peak, would collectively add more than 725,000 oil-equivalent b/d to ExxonMobil's production.
LNG push
Over the next 3 years ExxonMobil expects to startup multiple projects across the full value chain of the LNG business, including production, transportation, and distribution. ExxonMobil will commission four of the world's largest liquefaction facilities and new LNG ships, which can carry 80% more natural gas than conventional ships.
"We will almost double our production of LNG over the next 3 years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use," said Tillerson.