ExxonMobil plans 5-year, $185B investment in new energy supplies
Exxon Mobil Corp. says it will invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand. Exxon Chairman and CEO Rex W. Tillerson made the announcement this morning in a presentation to investment analysts at the New York Stock Exchange. Even with significant efficiency gains, Tillerson says, 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, he says. "An unprecedented level of investment will be needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources," he says. "We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies." A total of 21 major Exxon oil and gas projects will begin production between 2012 and 2014, Tillerson says. In 2012 and 2013, the company expects to start up nine major projects, and it anticipates adding over 1 million net oil-equivalent barrels per day by 2016.
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