Multinational firm Exxon Mobil has announced plans for major expansion of its natural gas and oil production, to take place over the next two years.
The company intends to launch 16 new natural gas and oil projects between now and 2017, which would see its daily production rise to the equivalent of 4.3 million barrels.
Furthermore, Exxon Mobil also anticipates a production volume increase of 2%, taking it to the equivalent of 4.1 million barrels a day during the course of this year.
A number of projects that the company completed last year are now operational, while a further seven will be ramped up during 2015, which will enable it to achieve this volume increase.
The developments planned include an expansion of its Indonesian Banyu Urip and Canadian Kearl projects, as well as the launch of the Hadrian South project in the Mexican Gulf.
During the following two years, further projects will get underway in East Russia, the United Arab Emirates, Eastern Canada, and Australia. This ensure that the company behind high quality lubricants like Mobil Unirex N3 and Mobil Velocite 3 remains an industry powerhouse.
Chief executive officer and chairman of Exxon Mobil, Rex Tillerson, said:
“Exxon Mobil has a deep and diverse portfolio of opportunities around the world and a total resource base of more than 92 billion oil-equivalent barrels.”
The company has stated that its chemical and downstream arms remain strong, despite the drop in oil prices, due to healthy supplies of North American gas and crude oil.