ExxonMobil outlines 5-year, $190 billion E&D plan 
Rosneft unit buys stake in 20 gulf blocks from ExxonMobil 

ExxonMobil Corp intends to spend $190 billion during the next 5 years on exploration and development to meet anticipated growing world energy demand, Chairman and Chief Executive Officer Rex Tillerson told investment analysts in a Mar. 6 presentation at the New York Stock Exchange.The supermajor plans to more than double its exploration acreage in a range of proved and emerging locations, such as Russia, he said.

“An unprecedented level of investment is needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources,” Tillerson said. “We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies.”

ExxonMobil’s major project startups are expected to deliver 1 million boe by 2017 with liquids production to rise on average by 4%/year during 2013-17 as the company starts production at 28 major oil and gas projects, 24 of which are liquids or liquids-linked projects.

In the next 3 years alone, 22 major projects are expected to come on stream, including an expansion of the Kearl oil sands project in Alberta, and an LNG export project in Papua New Guinea (OGJ Online, Feb. 4, 3013).

ExxonMobil has a growing portfolio of high-quality resource opportunities with exploration success most recently in Romania and Tanzania, Tillerson said. During 2012, ExxonMobil replaced 115% of its 2012 production and 174% of its crude oil and other liquids, increasing total proved reserves to 25.2 billion boe. The company reached this total by adding 1.8 billion boe of proved reserve additions last year.

Source: ExxonMobil
Published in Oil & Gas Journal
March 7, 2013

+ + +  

Rosneft unit buys stake in 20 gulf blocks from ExxonMobil

Neftegaz America Shelf LP (Neftegaz), an independent subsidiary of OAO Rosneft, acquired 30% interest in 20 deepwater exploration blocks in the Gulf of Mexico from ExxonMobil Corp. ExxonMobil retains 70% interest in the blocks and remains operator. Analysis of seismic data is under way for the blocks, which have no production. The 20 blocks cover 111,600 acres in 2,100-6,800 ft of water with 17 of them being in the western gulf and 3 in the central gulf.

Rosneft Pres. Igor I. Sechin said interest in the gulf blocks “provides Rosneft and its affiliates with access to one of the world’s most prolific basins.” Sechin believes experience and knowledge acquired in the process could be used for developing deepwater blocks in Russia, including in the Tuapse Trough in the Black Sea.

The western blocks are Alaminos Canyon 569, 612, 613, 655, 656, 657, 698, 699, 700, and 701; East Breaks 429, 471, 472, 473, and 515; Keathley Canyon 529 and 573. The central blocks are Walker Ridge 629, 673, and 717.

Rosneft and ExxonMobil continue to implement a strategic cooperation agreement signed in 2011, under which the companies and their subsidiaries plan to undertake joint exploration and development of hydrocarbon resources in Russia and other countries and to share technology and expertise.

Source: Rosneft / ExxonMobile
Published in Oil & Gas Journal
March 7, 2013

.
Oil & Gas Journal:
Worldwide more than 100,000
paid subscriptions
Learn more
.

OGJ Executive Briefs

 .PennWell Petroleum Group:

OGJ - Oil & Gas Journal
OGJ_eNewsletter 
Offshore Magazine
Offshore eNewsletter 
Oil & Gas Financial Journal
Oil, Gas & Petrochem
OGJ Russia
OGJ LatinoAmericana
PennEnergy
PennEnergy-eNewsletter

+ + + 

 For more information, media kits or sample copies please contact
wilhelms@pennwell.com
www.sicking.de

Please send news releases to Wilhelm Sicking - sicking-media@email.de