collected by :Maolly Tony
Exxon Mobil Corp. on Wednesday outlined an ambitious plan to turn to prolific U.S. shale basins for growth, showcasing how the oil giant now sees American production as a key to its future.
The company plans to spend about a fourth of its 2017 budget—about $5.5 billion—drilling in Texas, New Mexico and North Dakota, tapping a vast inventory of wells that can turn a profit at a price of $40 a barrel.
The U.S. increasingly…
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Exxon Mobil will be recruiting in many locations this year, according to a statement from a company representative.
The payments will begin in 2020 and end no later than 2032, commensurate with the resources’ development, Exxon said in a company statement.
The Muruk-1 well encountered similar high-quality sandstone reservoirs as the Hides field and was in line with pre-drill expectations, according to an Exxon statement.
The company also announced late last year that a new natural gas discovery had been made in the Papua New Guinea North Highlands, 13 miles northwest of the Hides Gas Field.
The well was safely drilled to 10,630 feet, with evaluations currently underway to determine the size of the discovery.
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Exxon Mobil (XOM) Announces 2017 Capex, Growth Initiatives
Exxon Mobil Corporation XOM recently released its capital spending projection for 2017.
Exxon Mobil is likely to start-up five major upstream projects in 2017 and 2018, which will contribute an additional 340,000 oil-equivalent barrels per day of working-interest production capacity.
For example, two wells were established in Guyana in 2016 as a world-class discovery with recoverable resources of more than 1 billion oil-equivalent barrels.
Total annual net production growth from these basins could be as high as 750,000 oil-equivalent barrels per day through 2025 at a compound annual growth rate of about 20%.
Since 2012, the company has commissioned 27 projects, adding 1.2 million oil-equivalent barrels per day of installed capacity.