ExxonMobil says it invested US$6.5 billion in Upper Zakum since 2006

November 13, 2019

ABU DHABI, 12th November, 2019 (WAM) -- ExxonMobil has invested around US$6.5 billion in Upper Zakum oilfield since its involvement in the offshore field in 2006, according to Christian G. Lenoble, President and UAE Lead Country Manager of Exxon (Al-Khalij) Inc.

'Upper Zakum is the second largest offshore field in the world and we are planning to participate in increasing its production to one million barrel per day by 2024. It is a target that involves significant technical challenges to be overcome by quality investments,' he told Emirates News Agency, WAM, today.

'ExxonMobil’s current focus is on Upper Zakum. We plan to invest several million dollars per year over the foreseeable future,' he added.

Lenoble underscored the oil and gas giant’s belief that the global demand for crude oil is set to continue over the next decade at least.

'Demand for oil, and despite all geopolitical challenges, is set to continue. We still believe that the demand growth is going to increase one percent per year until at least 2030,' he said.

'There are various scenarios regarding how renewables can pick up. There are many variables on this score. Overall, it’s safe to say that oil demand will continue to grow.'

On the impact of the renewables’ rise on demand for conventional energy, the Exxon country head said, 'Clearly, renewables’ contribution to the energy mix will definitely be going to increase. There are different scenarios, but undoubtedly renewables’ growth will continue. Natural gas will replace coal. Vehicles will turn electric.'

He added, 'Oil and gas as well will be going to be here for a while. Demand for petrochemicals will grow due to population growth and their increasing demand for a better lifestyle.'

Lenoble spoke highly of the recent listing of Murban crude, saying, 'ADNOC is under an incredible transformation journey. It is amazing how many changes we have seen. I have been here for a year and in only one year we have seen so many announcements regarding diversification, upstream, refining, chemicals, midstream, etc.'

'The recent announcement on listing Murban is poised to get the full value of the supply chain and this is very impressive and on top of that we see a comprehensive digital revolution.'

He described his company’s collaboration with Abu Dhabi National Oil Company, ADNOC, as 'extremely successful.'

'Collaboration with ADNOC has been extremely successful over the past years and still. During ADIPEC’s [Abu Dhabi International Petroleum Exhibition and Conference] sessions we highlighted our experience. We talked about drilling and how we are taking full advantage of some of the drilling technology on Upper Zakum’s artificial islands,' he said.

'ADIPEC is an important event for us; an opportunity to illustrate our long-term partnership with ADNOC. The theme is very important for us to explain how we fit into this picture and strengthen collaboration with ADNOC from the technology standpoint.

'We are showing a concrete example of how fruitful our cooperation with ADNOC is, and how Exxon is delivering value not only to ADNOC but to the whole country.'

wam