In an obvious response to the almost $100 per barrel fall in the price of crude, global oil majors are reappraising their investment portfolio, even as they are conscious of avoiding past blunders.
AFX News reported Except for ExxonMobil Corp, which Chief Executive Officer, Mr. Rex Tillerson, said it was time to expand at the world’s largest company by market value, most others are reducing spending.
Tillerson said in December that he might increase capital spending by 20 per cent this year to $30bn.The increase will mark his biggest push to discover oil fields and boost fuel and chemicals production.
ExxonMobil plans to disclose its 2009 capital-spending plan on March 5. At $30bn, spending would amount to $82m a day to rent drilling rigs, hire roughnecks and install fuel-producing units in refineries.
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