Exxon has set a target to increase overall oil and gas output to 5.4 million bpd by 2030, up about 18% from 4.58 million bpd currently
U.S. oil and gas giant Exxon Mobil Corp.
has unveiled plans to increase spending to $28-$33 billion annually with a goal of lifting oil and gas output by 18% by 2030. . According to Exxon CEO Darren Woods, the increased project spending is expected 'to generate returns of more than 30% over the life of the investments.' Woods says that Exxon is focusing on growing production from low-cost fields because they offer it a 'competitive advantage we think is unique in the industry.
and China's Cnooc OTCPKCEOHF have set a target to reach production of at least 1.3M bbl/day of oil by year-end 2027, a feat it hopes to achieve when six approved offshore projects come online. Data by the Guyana government has revealed that the consortium's agreement generated $6.33B for the partners last year, with Exxon netting $2.9B, Hess earning $1.88B, while Cnooc amassed $1.52B from Stabroek. Exxon Mobil owns 45% of the Stabroek block; Hess 30% while Cnooc owns a 25% stake.
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