ExxonMobil Announces Major Investment Plan

Integrated energy giant ExxonMobil’s chairman and CEO, Rex Tillerson, has announced plans to invest more than $125 billion in capital spending over the next five years to deliver major projects to help meet growing world energy demand.

From 2008 to 2010 alone, the company expects to participate in the start-up of 19 new projects which, at peak, will collectively add more than 725,000 oil-equivalent barrels per day to ExxonMobil’s production.

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 liquefaction facilities and new LNG ships which can carry 80% more natural gas than conventional ships.

Mr Tillerson said: “We will invest record amounts to develop new technology, bring on new upstream projects, increase our base refining capacity and grow our chemical business. With our technology advantage and an industry-leading portfolio of 119 projects that are expected to support development of more than 24 billion oil-equivalent barrels of energy, ExxonMobil will continue to be an industry leader in bringing new supplies to the market.”