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$30bn projects from ExxonMobil

$30bn projects from ExxonMobil
ExxonMobil will be investing close to $30 billion in new oil and gas projects over the next five years, reports said.

ExxonMobil will be investing close to $30 billion in new oil and gas projects over the next five years, reports said.

ExxonMobil will be investing close to $30 billion in new oil and gas projects over the next five years, reports said.

CEO Rex Tillerson was quoted saying that ExxonMobil's prudent risk management strategies with regards to investments are allowing it to ?develop new oil and gas projects, increase our production of higher-valued refined products and grow our chemical business.?

Tillerson described the company's investments over the next five years as being at record levels.

Last year alone saw ExxonMobil start up eight projects, adding some 260,000 barrels per day (bpd) to the markets.

According to Tillerson, nine projects will come on-stream this year, adding 485,000 bpd to the markets when they reach peak output.

Tanker players welcomed ExxonMobil's plans as a positive development for an industry currently besieged by flagging demand and supply cuts.

?At the very least, the size of the investment is an indication that they expect global oil demand to rise from current levels eventually,? said one broker.

According to latest statistics from Poten and Partners, ExxonMobil was the second biggest spot VLCC charterer of 2008 with 118 spot fixtures.

Unipec pipped ExxonMobil to the top spot with 120 fixtures after a three-year run in pole position by ExxonMobil.

ExxonMobil was also second in terms of the total number of reported spot fixtures across all sizes.

Shell was the top charterer and BP was third.

www.TurkishMaritime.com.tr

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