ExxonMobil Corp. said it expects to start production at 10 major projects this year, adding 300,000 net boe/d of net capacity. The increased activity will come at a lower cost than last year, as the company’s capital spending will decline to $39.8 billion from a peak of $42.5 billion in 2013. Excluding potential acquisitions, capital expenditures are expected to average less than $37 billion/year during 2015-17. ExxonMobil in 2013 replaced more than 100% of production while adding proved oil and gas reserves totaling 1.6 billion boe, including a 153% replacement ratio for crude oil and other liquids. At yearend, proved reserves totaled 25.2 billion boe, comprised of 53% liquids and 47% natural gas. Major projects in 2014 involve the largest offshore oil and gas platform in Russia, heavy oil expansion in Canada, activity in deepwater Gulf of Mexico, and LNG in Papua New Guinea ( OGJ Online, Mar. 13, […]