ExxonMobil plans to drive up production by almost a fifth by the end of the decade, doubling down on fossil fuel spending even as rivals pull back amid fears of an oversupplied global market.
The US oil supermajor said on Wednesday it would increase capital expenditure from $28bn this year to $27-$29bn next year and $28-$33bn between 2026 and 2030.
That will allow it to lift production by about 18 per cent to 5.4mn barrels of oil equivalent a day by the end of the decade — far more than some Opec countries produce — from about 4.6mn boe/d now.
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