ExxonMobil to spend almost $40bn on oil projects

UAE's Upper Zakum field drives major share of US oil major's production.

ExxonMobil currently participates in 546 oilfields.
ExxonMobil currently participates in 546 oilfields.

Analysis of upstream crude oil production by GlobalData shows that over $39.2bn in capital expenditure (capex) is forecast to be spent by ExxonMobil on oil projects over the next four years to ensure that its production remains around 2.1mn barrels per day (bpd) in 2021.

Abu Dhabi’s Upper Zakum field would drive the company’s oil production with over 8.3 % share of all production in 2021. ExxonMobil has participation in about 546 fields, with new projects contributing about 62,500 bpd.

ExxonMobil’s capex will peak in 2021 at $10.8bn. Chad is expected to have the highest remaining capex per barrel of oil equivalent (boe) with $40.5 boe followed by the UK and the Netherlands with $37.3 boe and $28.3 boe respectively.

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Oil & Gas Middle East - August 2019

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