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ExxonMobil to increase, accelerate Permian output to 1 million barrels per day by 2024

ExxonMobil has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024.


Texas, March 5 - Neftegaz.RU. ExxonMobil said today it has revised its Permian Basin growth plans to produce more than 1 million oil-equivalent barrels per day by as early as 2024 – an increase of nearly 80 % and a significant acceleration of value.

 

«We’re increasingly confident about our Permian growth strategy due to our unique development plans,» said Neil Chapman, ExxonMobil senior VP. «Our plans are attractive at a range of prices and we expect them to drive more value as we continue to lower our development and production costs,» he said.

 

ExxonMobil’s investments in the Permian Basin are expected to produce double-digit returns, even at low oil prices. At a $35 per barrel oil price, for example, Permian production will have an average return of more than 10 %.

 

Among the company’s key advantages in the Permian, is its acreage position. The company has large, contiguous acreage that enables multi-well pads in large development corridors connecting to efficient gathering systems, reducing development costs and accelerating production growth.

 

ExxonMobil is actively building infrastructure to support volume growth. Plans include construction at 30 sites to enhance oil & gas processing, water handling and ensure takeaway capacity from the basin.

 

Construction activities include central delivery facilities designed to handle up to 600,000 barrels of oil and 1 bln cubic feet of gas per day and enhanced water-handling capacity through 350 miles of already-constructed pipeline.

 

ExxonMobil remains one of the most active operators in the Permian Basin and has 48 drilling rigs currently in operation and plans to increase its rig count to approximately 55 by the end of the year.

 

Source : Neftegaz.RU