As energy demand continues to grow, Exxon Mobil ( XOM) plans to invest $190 billion in new exploration and development over the next five years. Rex W. Tillerson, chairman and chief executive officer of the company, stated that “the development of new energy technologies to expand the supply of traditional fuels and the development of new energy resources require unprecedented investments.†The company with the largest market capitalization in the world plans to double the exploration area of ​​proven and emerging sites such as Russia in order to maintain future oil reserves. It is expected that the annual growth rate of crude oil and other liquid energy production from ExxonMobil from 2013 to 2017 can reach an average of 4%, and 28 large-scale oil and natural gas projects will be put into operation one after another, of which 24 projects are liquid energy or related projects. The company disclosed that 22 large-scale projects will be put into production in the next three years, including the expansion of the Kearl oil sands project in Alberta, Canada and the LNG export project in Papua New Guinea. The company also said that the output of large-scale projects will reach 1 million barrels of oil equivalent in the next five years. ExxonMobil purchased XTO Energy in 2010 and became the largest natural gas producer in the United States. The company was thus blamed by investors because natural gas prices fell sharply due to oversupply. The company said last month that the newly added oil and natural gas reserves accounted for 115% of the 2012 production, and the new reserves were mainly from North American rich oil assets. ExxonMobil also said that the newly added proven reserves totaled 1.8 billion barrels of oil equivalent, including 1.4 billion barrels of oil and other liquid energy. This reflects that the company is now more focused on the production of oil than natural gas. Activated Alumina,Activated Alumina Balls,Alumina Desiccant,Alumina Adsorbent Ningbo Cijie Chemical Equipment Co., Ltd. , https://www.shengjie-tower.com
Exxon Mobil plans to invest 190 billion U.S. dollars in the development of new energy technologies over the next five years