Exxon Mobil announced yesterday that it would:
invest at record levels — between $25 billion and $30 billion annually over the next five years — to meet expected long-term growth in world energy demand.
DRILL, BABY, DRILL!
ExxonMobil’s 2008 highlights include:
- Production started at eight major projects in 2008, which at their peak are expected to add the net equivalent of 260,000 barrels per day to the company’s production. A further nine major projects are expected to commence production in 2009, and at their peak are expected to add the net equivalent of an additional 485,000 barrels per day to production.
- The company once again replaced more than 100 percent of production through proved reserves additions in 2008. It was the 15th consecutive year that the company’s proved reserves additions have more than replaced production. In addition, net exploration acreage has been increased by about 40 percent since 2003.
- In the downstream, the company is progressing plans to invest more than $1 billion in lower-sulfur diesel projects at three refineries in the US and Europe. Once complete in 2010, these projects will allow an increase in lower-sulfur diesel production of 140,000 barrels per day.
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Click here for ExxonMobil’s press release.