ExxonMobil: to boost output in Permian basin
(CercleFinance.com) - ExxonMobil plans to produce more than 1 million oil-equivalent barrels per day at the Permian basin by as early as 2024, an increase of nearly 80% from current levels, the US oil giant said on Tuesday.
The company - which doubled its production in 2018 - said its investments in the largest US shale field are expected to produce double-digit returns, even at low oil prices.
At a 35-dollar per barrel oil price, Permian production will have an average return of over 10%, it said.
The size of the company's resource base in the Permian is estimated at approximately 10 billion oil-equivalent barrels.
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The company - which doubled its production in 2018 - said its investments in the largest US shale field are expected to produce double-digit returns, even at low oil prices.
At a 35-dollar per barrel oil price, Permian production will have an average return of over 10%, it said.
The size of the company's resource base in the Permian is estimated at approximately 10 billion oil-equivalent barrels.
Copyright (c) 2019 CercleFinance.com. All rights reserved.