Exxon invests heavily in five-year plan

March 7, 2013 at 6:31 AM

NEW YORK, March 7 (UPI) -- Exxon Mobil needs an "unprecedented level" of investments to finance new developments that will add to reserve potential, CEO Rex Tillerson said in New York.

Tillerson, Exxon's chief executive officer said at the New York Stock Exchange that Exxon plans to invest around $190 billion over the next five years in new projects.

"An unprecedented level of investment is needed to develop new energy technologies to expand supply of traditional fuels and advance new energy sources," he said.

Tillerson said the new projects, ranging from oil sands developments in Canada to liquefied natural gas projects in Papua New Guinea, would add 1 million barrels of oil equivalent to the company's portfolio over the next five years.

"We are developing a diverse portfolio of high-quality opportunities across all resource types and geographies," he said.

Exxon last year boasted of proven reserves of more than 25 billion barrels of oil equivalent. The company said it expected crude oil and other liquids production to increase around 4 percent per year through 2017.

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