ExxonMobil, the largest publicly traded oil and gas company in the world, announced today the reduction is planned for 2016 capex by 25% to $23 billion.
The Corporation plans to ride out the current phase of the commodity cycle by maintaining concentration on the fundamental activities and selected investments in business development, reports “Interfax”.
In 2015, ExxonMobil has reduced capital and operating costs by $12 billion.
Meanwhile, in 2016-2017 the company plans to launch 10 new production projects, increasing the capacity of production of 450 thousand barrels of oil equivalent per day.
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