ExxonMobil Confirms Offshore Project in Russia

US-based ExxonMobil confirmed its intention to proceed with its offshore project in Russia, adding that the schedule has not changed.

“A liquefied natural gas project in Papua New Guinea and the largest offshore oil and gas platform in Russia are among significant projects scheduled for startup this year,” reads a note released on Thursday. 

With the new projects, the US-based company expects to add new capacity of approximately 300,000 net oil equivalent barrels per day.

The company also sees a 6.35% decrease in capital spending to $39.8 billion in 2014.

“We are adding new volumes that improve our profitability mix with higher liquids and liquids linked natural gas volumes. We’re also driving increased unit profitability through better fiscal terms and reducing low-margin barrel production,” Rex W. Tillerson, chairman and chief executive officer, said at the company’s annual investment analyst meeting at the New York Stock Exchange.