(EnergyAsia, March 14 2013, Thursday) — US major ExxonMobil said it plans to invest a total of US$190 billion to raise production from 4.24 million b/d of oil equivalent in 2012 to 4.8 million boed in 2017.
For this year, the major said production could fall by 1% this year as it cuts back on natural gas production by 5% to focus on higher-priced oil and other liquids. The decline will follow on the 5.9% drop in the company’s oil and gas production last year.
In a statement, ExxonMobil said its production of crude oil and other liquids is expected to increase by an average of four percent per year between 2013 and 2017 as it starts production at 28 major projects around the world, 24 of which are liquids or liquids-linked projects.
“Twenty two major projects will start production over the next three years, including an expansion of the Kearl oil sands project in Alberta, Canada, and a liquefied natural gas export project in Papua New Guinea,” it said.
Despite last year’s reduced production, Exxon said profits rose 9% from the previous year to US$44.9 billion.