ExxonMobil to spend up to $150bn over five years

Rich Kruger, president of ExxonMobil Production Company speaking today in Doha, Qatar.

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A senior official from the US supermajor ExxonMobil has said that the company plans to invest between US$25 to $30 billion annually for the next five years on energy projects.

Speaking at the International Petroleum Technology Conference, currently being held in Doha, Rich Kruger, president of ExxonMobil Production Company, said that his company had planned for price fluctuations in the energy industry and underlined his company’s spending plans.

“Ours is truly a commodity business and as such we’re subject to the ups and downs of the marketplace. We expect it, we pan for it and we’ve experienced it before,” Kruger said.

“Within ExxonMobil we’re demonstrating our endurance and commitment by pursuing plans to invest $25 to $30 billion annually for the next five years on energy projects,” he added.

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Kruger also said that it was ExxonMobil’s long term view and “financial discipline” that had put the company in a position to invest such large sums of money. He also called on the world’s governments to ensure that global energy needs are met.

“The world will need leaders prepared to commit to stable and fiscal and regulatory frameworks that will support long-term energy investments. We will also need policymakers with conviction to ensure energy policies are carried out,” Kruger said.

Kruger also called for greater energy efficiency and said that through the use of better technology 100 million barrels of oil per day could be saved by 2030.