EXXON DOESN'T SEE
REUTERS wrote, the world is developing enough oil resources to avoid a big supply crunch in the next few years, the boss of Exxon Mobil said on Wednesday, adding he saw no major further declines in U.S. oil output either.
"I don't necessarily have the view that we are setting ourselves up for a big crunch within the next 3, 4, 5 years," CEO Rex Tillerson told the Oil & Money conference.
Many oil executives have said the decline in investment over the past two years was so steep that the world would soon face a shortage of supply.
U.S. oil production was one of the hardest hit in recent years but Tillerson said the declines might be coming to an end as there is a large number of uncompleted wells that could be brought onstream to help sustain U.S. output.
He also said that because of abundant global supply it was difficult for him to see a big price spike in the next few years.
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PLATTS - National Australia Bank announced Thursday it will no longer provide financing for new thermal coal projects.
Petrobras and ExxonMobil signed a memorandum of understanding regarding a strategic alliance to jointly identify and evaluate potential business opportunities.
ExxonMobil Development Africa B.V. has acquired a 25 percent indirect interest in Mozambique’s gas-rich Area 4 block from Eni and assume responsibility for midstream operations.
U.S. Rig Count is down 1 rig from last week to 930, with oil rigs down 4 to 747, gas rigs up 3 to 183, and miscellaneous rigs unchanged. Canada Rig Count is up 19 rigs from last week to 238, with oil rigs up 22 to 134 and gas rigs down 3 to 104.