Opinion

Onshore Fields Account for More Than Half of ExxonMobil’s Crude Production to 2021, Says GlobalData


Analysis of upstream crude oil production shows that over $39.2bn in capital expenditure (capex) is forecast to be spent by ExxonMobil on oil projects over the next four years to ensure that its production remains around 2.1 million barrels per day (mmbd) in 2021. The Upper Zakum field would drive the company's oil production with over 8.3 percent share of all production in 2021, according to GlobalData, a leading data and analytics company.

ExxonMobil has participation in about 546 fields, which are expected to have an equity weighted production of over 2.1 mmbd in 2021, with new projects contributing about 62.5 thousand barrels per day (mbd).

Conventional oil fields are forecast to be responsible for 1.2 mmbd of production in 2021 while heavy oil will contribute 84.6 mbd. Onshore fields will produce 1.1 mmbd, which accounts to half of the total crude produced by the ExxonMobil- operated fields.

ExxonMobil is expected to spend $39.2bn over the next four years on crude projects, with capex peaking in 2021 at $10.8bn. Chad is expected to have the highest remaining capex per barrel of oil equivalent (boe) with US$40.5/boe, followed by the UK and the Netherlands with US$37.3/boe, and US$28.3/boe, respectively.

Among the fields in which ExxonMobil has equity stake, the shallow water Upper Zakum field in United Arab Emirates is the major oil producing field with contribution to ExxonMobil of about 172.9 mbd of oil in 2021. The project has a remaining break-even oil price of $5 per barrel and ADNOC Offshore is the operator of this shallow water field.

The Kearl Oil Sands Project in Canada is another major onshore oil producing field, which is expected to contribute about 153.5 mbd of oil to ExxonMobil in 2021. Imperial Oil Ltd is the current operator of this field, which has the remaining break-even oil price of $38 per barrel.

The company-operated Permian Basin Unconventional in the US is the next major onshore oil producing field, which is expected to contribute around 145.6 mbd of oil in 2021 with the remaining break-even of $48 per barrel.



New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

Visit source site

https://energy.globaldata.com/media-center/press-r...

ExxonMobilonshoreCrude ProductionUpper Zakumuaeunited arab emirates

More items from oilvoice


Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice


Posted 3 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice


Posted 7 months agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice


Posted 11 months agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice


Posted 11 months agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice


Posted 11 months agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice