ExxonMobil Corp. recently announced it expects to start up 16 major oil and natural gas projects during the next three years. In addition, it is on track to increase daily production to 4.3 million oil-equivalent barrels by 2017, according to Rex W. Tillerson, chairman and CEO.
In 2015, ExxonMobil expects to increase production volumes 2% to 4.1 million oil-equivalent barrels per day, driven by 7% liquids growth. The volume increase reportedly is supported by the ramp-up of several projects completed in 2014 and the expected startup of seven new major developments in 2015, including Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia, and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola. In 2016 and 2017, production ramp-up is expected from several projects, including Gorgon Jansz in Australia, Hebron in Eastern Canada, and expansions of Upper Zakum in United Arab Emirates and Odoptu in Far East Russia.
ExxonMobil reportedly anticipates capital spending of about $34 billion in 2015—12% less than in 2014—as it continues to bring major projects online. Annual capital and exploration expenditures are expected to average less than $34 billion in 2016 and 2017.
“We are capturing savings in raw materials, service and construction costs,” Tillerson said. “The lower capital outlook also reflects actions we are taking to improve our set of opportunities while enhancing specific terms and conditions and optimizing development plans.”
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