Exxon to Invest US$125bn to Meet Energy Demand

US oil major ExxonMobil has announced it is to invest US$125bn in technology for new upstream projects as part of plans to help meet growing world energy demand.

By participating in the start up of 19 new projects, Exxon hopes to collectively add more than 725,000 oil-equivalent barrels per day to its production.

In an address to analysts in the US, CEO Rex Tillerson says the company will also be growing its LNG business over the next three years by commissioning four of the world's largest liquefaction facilities and new LNG ships.

"We will almost double our production of LNG over the next three years, providing greater supplies of this clean-burning energy source for power generation and for industrial and domestic use," says Tillerson.

By Ozge Ibrahim