New York, United States, 10 March – Exxon Mobil is to produce more oil at its concession in the Kizomba oil fields in Angola than at all its wells in the United States, the chief executive (CEO) of the US oil company, the world’s largest, said Friday.
Speaking at a meeting with market analysts in New York, Rex Tillerson said that the total cost of developing the Kizomba project in Angola’s offshore area would total US$10 billion over the next few years.
Russia and West Africa, he said, were the main focus for increasing the company’s production over the next few years.
Exxon’s production has fallen over the last five years due to the sale of small-scale reserves and the fact that some oil fields have not delivered to expectations.
This year, the oil company will invest around US$20 billion in increasing its reserves and production levels, 13 percent more than last year, Tillerson told analysts.
Maintaining this level of investment, Exxon hopes to increase daily production from a current 4 million barrels per day to 5 million in 2010. (macauhub)