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Exxon to increase Canadian oilsands investment, boost production
NEW YORK ` Exxon Mobil Corp, said oil will account for 80% of its production additions in the next five years, as the world`s largest publicly traded oil company spends more to develop its projects such as those in Canada`s oilsands.
Crude oil prices have recently risen over US$100 per barrel, fueled by investor unease over unrest in the Middle East and North Africa and prompting energy companies around the world to speed up the search for oil. Prior to the price spike, crude oil futures in New York had not traded below US$70 per barrel since last year.
The Irving, Texas, company said on Wednesday it plans capital expenditures of US$34-billion in 2011, up 5.6% from last year, as it invests in major projects, including those in Angola and Canada`s oilsands.
Read the full article here.
NEW YORK ` Exxon Mobil Corp, said oil will account for 80% of its production additions in the next five years, as the world`s largest publicly traded oil company spends more to develop its projects such as those in Canada`s oilsands.
Crude oil prices have recently risen over US$100 per barrel, fueled by investor unease over unrest in the Middle East and North Africa and prompting energy companies around the world to speed up the search for oil. Prior to the price spike, crude oil futures in New York had not traded below US$70 per barrel since last year.
The Irving, Texas, company said on Wednesday it plans capital expenditures of US$34-billion in 2011, up 5.6% from last year, as it invests in major projects, including those in Angola and Canada`s oilsands.
Read the full article here.