Big oil to invest in new sources

Exxon Mobil profits will be spent on projects that produce more oil.

Oil giant Exxon Mobil Corp. said yesterday it will spend some of its record profits on more than 20 new global projects in the next three years, investments expected to add one million oil-equivalent barrels a day to the company’s volumes at peak production.

Irving, Texas-based Exxon Mobil, the world’s largest publicly traded oil company, also said its project inventory at the end of 2006 has the potential to develop 24 billion oil-equivalent barrels. The company produced about 4.2 million barrels of oil equivalent a day in 2006.
London Free Press