What is the latest news for Exon Mobil for 2012 in production plans? How will oil production affect us here in the US and worldwide?
According to Reuters, Exxon Mobil reports that “its 2012 oil and natural gas output would drop 3 percent from last year even as it increases spending to bring several large new projects on line…”
Oil production is expected to increase annually through 2016, as reported by company analysts.
According to the company, spending for 2012 and 2013 has and will will go towards nine major startup projects. There are 12 projects planned for 2014 which they state will help bring on new production of more than 1 million BOE per day over 5 years.
The 9 new startup projects include four in West Africa. There will also be the Kearl Oil Sands project of Canada.
The Shale natural gas development project is in its early stages in Europe, and the “resource has the potential to play a significant role in helping meet Europe’s energy requirements over coming decades” according to a businesswire report.
“Natural gas from shale holds tremendous promise in many places in Europe due to its low carbon intensity and suitability for power generation…” states Rex W. Tillerson, the chariman chief executive officer of Exxon Mobil Corporation recently in a keynote speech at CERAWeek 2012.
In addition to this, Exon Mobil wants to keep the public informed about the safety of Shale project by calling for an adoption of what it calls a ‘Systematic Hydraulic Fracturing Fluid Disclosure Program.’
The commissioning and startup activities are expected to continue through 2012 to help meet demand growth in the Asia Pacific. This is reported by the company as the Singapore chemicals facility expansion is nearing its completion.
A large project in Thailand that was recently completed is expected to increase the supply of lower sulfur motor fuels by at least 50 thousand barrels each day.