Exxon Mobil plans to increase its oil production with investments

American the oil giant Exxon Mobil is planning investments to increase its oil production, reports the economic newspaper The Financial Times (FT).

Exxon Mobil said on Wednesday that it has set aside 27-29 billion dollars for next year’s investments. Between 2026 and 2030, it plans to invest between 28 and 33 billion dollars annually. This year, Exxon is spending about 28 billion dollars on investments.

According to Exxon, its production would increase to 5.4 million barrels of oil equivalent per day by 2030. In the third quarter of the current year, the company produced 4.6 million oil equivalent barrels per day.

Exxon Mobilin CEO Darren Woods with its investments, the oil company strives for “profitable growth and value creation for shareholders, regardless of the speed and extent of the energy revolution”.

According to the FT, Exxon seems to be going in a different direction than other oil companies. For example, Exxon’s largest US competitor, Chevron, announced last week that it would cut its investments for the first time since the coronavirus pandemic.

In addition, Exxon also seems to rely more on oil demand than other oil producers.

Among other things, the Organization of the Petroleum Exporting Countries, Opec, recently announced that it will reduce oil supplies to support the price of oil in the midst of falling demand.