Exxon Mobil plans to invest more than $125 billion in capital spending over the next five years to deliver major projects to meet growing world energy demand. The demand for global energy is expected to increase 1.3% per annum on average from 2005 to 2030. The company expects to participate in the start up of 19 new projects during 2008-2010, collectively adding more than 725,000 oil-equivalent barrels per day to Exxon Mobil’s production.
The demand for liquid fuels is expected to increase from the 86 million oil-equivalent barrels per day currently to 116 million oil-equivalent barrels per day in 2030. Exxon Mobil 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 its proprietary technology, the company would commission four of the world’s largest liquefaction facilities and new LNG ships which can carry 80% more natural gas than conventional ships.
These investments aim to develop new technology, bring on new upstream projects, increase the company’s base refining capacity, and grow its chemical business.These investments also reinforce Exxon Mobil’s position as an industry leader in bringing new supplies to the market.