Exxon Mobil is looking to double its shale production capacity in US over a period of five years, using new technologies, reported Reuters, citing the company CEO Darren Woods.

In December 2022, Exxon announced its aim to produce up to one million barrels of oil equivalent per day in the Permian Basin by 2027. The firm had then also announced plans for a five-year technology development programme.

Woods said at the Bernstein Strategic Decisions conference: “We are beginning to see the signs of some very promising new technologies” that will “significantly improve recovery” volumes.

Currently, the US oil producer recovers about 10% of shale resources from its assets.

Woods noted that new shale technology would focus on fracking.

“My challenge to the organisation was to double recoveries and to find technologies that could unlock that. There is still a lot of oil being left on the ground,” Woods added.

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Woods said the firm could better identify acquisition targets developing technology in-house.

Exxon is looking to focus on two specific areas to improve fracking with the first being able to frack more accurately along the well to allow more oil-soaked rock get drained, reported Bloomberg News citing Woods.

According to the company, the other way to improve fracking, is to keep the cracks open for a longer period in order to boost the oil flow.