(MENAFN) US oil giant ExxonMobil said it would reduce investment spending by around 12 percent this year in response to lower crude-oil prices, but sees higher production, Oman Observer reported.
Exxon Mobil said that it planned capital spending of about USD34 billion in 2015, down from USD38.5 billion in 2014. For 2016 and 2017, investments were projected at around USD34 billion annually.
The figure was USD3 billion lower than the previous forecasts. The world's largest publicly traded oil and gas company said it expects to start up 16 major oil and natural gas projects during the next three years.
"ExxonMobil has a deep and diverse portfolio of opportunities around the world and a total resource base of more than 92 billion oil-equivalent barrels," ExxonMobil chairman and chief executive said.
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