NEW YORK, March 9 (UPI) -- Exxon Mobil said "an unprecedented level of investment" is needed to keep pace with the growing global demand for oil and natural gas.
U.S. supermajor Exxon expects overall global energy demand to increase 30 percent of its 2010 levels in the next 30 years. Natural gas, the company said, will account for about 60 percent of that growth in part because of the expected increase in the demand for electricity.
"An unprecedented level of investment will be needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources," said Rex Tillerson, chairman and chief executive officer at Exxon, in a presentation to investors at the New York Stock Exchange.
Tillerson said his company plans to invest $185 billion during the next five years to develop new supplies of energy. A total of 21 oil and natural gas projects for Exxon are expected to enter into product by 2014, he explained. Nine major projects planned during the next two years would add 1 million net oil-equivalent barrels per day to Exxon's portfolio by 2016.
"During challenging times for the global economy, Exxon Mobil continues to invest to deliver the energy needed to underpin economic recovery and growth," said Tillerson.