Exxon Spends on New Projects

Oil giant Exxon Mobil says it will spend some of its record profits on over 20 new global projects in the next three years. The investments are expected to add one million oil-equivalent barrels a day to the company’s volumes at peak production.

CEO T-Rex Tillerson said the company’s capital spending would be about US$20 billion a year through the end of the decade. Tillerson said the company will continue to pursue projects in mature markets such as North America, Australia and the North Sea as well as growth regions such as the Middle East, Russia and West Africa.

Tillerson said discussions continue over the ownership stake of its Venezuelan operations and other aspects of the arrangements. “There’s a lot that has to be discussed with the Venezuelans yet,” he said.