ExxonMobil is planning to enhance oil production while focusing on reducing methane gas emissions using technology.
The company noted that in spite of the climate change target of limiting the global increase in temperature to 2°C, additional financing is needed for oil and gas operations in order to meet the rising energy needs.
As part of the plans, the company’s investments will be directed towards US tight oil, deepwater and liquefied natural gas (LNG), supported by technologies such as advanced seismology, integrated reservoir modelling and data analytics.
ExxonMobil chairman and CEO Darren Woods said: “Through record discoveries, world-class acquisitions and growing access to attractive markets, we’ve put together the best portfolio of new investments since the Exxon-Mobil merger nearly 20 years ago.
“Our investments are robust to a wide range of price environments, and they leverage our competitive advantages in technology, integration and, most importantly, our people.”
The company envisions a five-fold increase in tight oil production in the US Permian Basin.
ExxonMobil plans to start up 25 projects worldwide, which will see the addition of more than one million oil-equivalent barrels a day.
Last year, the oil and gas major strengthened its resource base with the addition of ten billion oil-equivalent barrels in locations, including Guyana, Mozambique, Papua New Guinea and Brazil.
The plans are driven by a four-pronged strategy comprising integration, technology, operational excellence and project execution.
The company’s commitment to climate change goals includes more focus on research and development lower-carbon solutions, particularly in carbon capture and storage technology, next-generation biofuels, and efficient manufacturing processes.
Last month, ExxonMobil announced measures to achieve a 15% reduction in methane emissions related to production assets and a 25% decrease in flaring.
