ExxonMobil to Invest at Record Levels to Meet Growing Energy Demand
March 5, 2008
ExxonMobil Chairman and CEO Rex Tillerson Wednesday announced plans to invest more than $125 billion over the next five years in major projects to help meet growing world energy demand.
"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.
From 2008 to 2010 alone, 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 barrels per day to ExxonMobil's production.
"We are deploying new technologies in our Downstream and Chemical businesses to make our operations more efficient, utilize advantaged feedstocks and develop higher-value products."
ExxonMobil expects to start up multiple projects over the next three years across the full value chain of the liquefied natural gas (LNG) business, including production, transportation and distribution. Using ExxonMobil proprietary technology, the company will commission four of the world's largest liquefaction facilities and new LNG ships, which can carry 80 percent more natural gas than conventional ships.
"We will almost double our production of LNG over the next three years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use," Tillerson said.