Exxon Mobil Corporation has outlined its long term plans to meet the growing long term global energy and petrochemical demand in its annual presentation to investment analysts at the New York Stock Exchange.
The company expects global energy demand to increase by 35% by 2030, compared to 2005 levels, while demand for natural gas will make it the fastest growing major energy source.
ExxonMobil will aim to meet this demand by executing a large inventory of major projects both upstream and downstream, investing US$ 33 billion – US$ 37 billion annually until 2015.
The company is planning 11 major upstream project start ups between 2011 and 2013. Nearly 80% of new production will be oil, adding almost 1.4 billion net oil equivalent bpd by 2016.
The volume of oil and natural gas produced by ExxonMobil is expected to grow at approximately 3 – 4% in 2011 and 4 – 5% as an yearly average between 2009 and 2014. Furthermore, normal field decline is expected to be roughly 3% per year. This estimate is half the typical rate of decline, due in part to increasing levels of unconventional and long plateau volumes.
ExxonMobil also reported earnings of US$ 30.5 billion in 2010.