ExxonMobil to spend $185bn through 2016 to grow new energy sources
US-based oil and gas major ExxonMobil plans to invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand, CEO Rex W. Tillerson said Thursday in a presentation at the New York Stock Exchange.
“During challenging times for the global economy, ExxonMobil continues to invest to deliver the energy needed to underpin economic recovery and growth,” Tillerson said in a presentation to investment analysts.
Tillerson said that even with significant efficiency gains, ExxonMobil expects global energy demand to increase by 30% by 2040, compared to 2010 levels.
Demand for electricity will make natural gas the fastest growing major energy source, and oil and natural gas are expected to meet 60% of energy needs over the next three decades.
To help meet that demand, ExxonMobil is anticipating an investment profile of approximately $37 billion/year through the year 2016.
“An unprecedented level of investment will be needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources,” said Tillerson.
“We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies.”
A total of 21 major oil and gas projects will begin production between 2012 and 2014, Tillerson said.
In 2012 and 2013, the company said it expects to start up nine major projects and anticipates adding over 1 million net oil-equivalent bpd by 2016.
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