ExxonMobil Corp., the world's biggest energy company, said March 5 it planned to invest over $125 billion in major new projects during the next five years. The energy behemoth said its project spending would accelerate to "record levels" as it races to develop more oil and gas fields to meet a growing global demand for energy.
"We will invest record amounts to develop new technology, bring on new upstream projects, increase our base refining capacity and grow our chemical business," ExxonMobil's chief executive Rex Tillerson said.
Tillerson said the Texas-based energy firm is overseeing 119 projects that are expected to support the development of over 24 billion oil-equivalent barrels of energy.
Aside from pursuing new oil projects, ExxonMobil said it also planned to aggressively ramp up its growing liquefied natural gas (LNG) business through the construction of new facilities and ships to carry increased LNG loads. "We will almost double our production of LNG over the next three years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use," Tillerson said.
ExxonMobil's CEO said the company would seek to ensure that shareholders reap generous returns from its spending spree.
Copyright Agence France-Presse, 2008