Exxon Mobil Investing $185 Billion in 5 Year Energy Plan, Chevron Challenges Lawsuit
Exxon Mobil (NYSE:XOM): Exxon Mobil said it plans to invest approximately $185B over the next five years to develop new supplies of energy to meet expected growth in demand. ExxonMobil expects global energy demand to increase by 30% by 2040, compared to 2010 levels. Demand for electricity will make natural gas the fastest growing major energy source and oil and natural gas are expected to meet 60% of energy needs over the next three decades, Exxon added. A total of 21 oil and gas projects will begin production between 2012 and 2014. In 2012 and 2013, the company expects to start up nine major projects and anticipates adding over 1M net oil-equivalent barrels per day by 2016.
The giant oil company says it sees annual upstream production in line with long-term growth estimates. From 2011-201, sees upstream production volume down 3%, from 2011-2016, sees upstream production volume up 1%-2% per year. Sees upstream liquids output growth 2%-3% per year through 2016, gas growth 0.5%-1% per year through 2016. Comments from slides that will be presented at the company’s 2012 Analyst Meeting.
Chevron (NYSE:CVX): Chevron Corp. renewed its request of authorities in Ecuador to investigate the evidence of fraud tainting the Lago Agrio lawsuit after the Associated Press and Ecuador’s El Universo newspaper revealed that Nicolás Zambrano, the judge who issued the $18.2B judgment against Chevron, has been dismissed from the bench due to his complicity in an emerging story of court corruption and drug trafficking in Ecuador. The media outlets reported that the Judicial Council has determined that Judge Zambrano, and Judge Leonardo Ordóñez, who previously presided over the Lago Agrio lawsuit, should be dismissed from their positions on the Court of Justice of Sucumbíos in Lago Agrio following an investigation into allegations of lenient treatment of drug dealers in cases before them.
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