The project in offshore Angola is expected to produce a total output of 100,000 bbl/day of crude as the fields are developed further.
Output from the new fields will be a major relief, as the company has seen its average crude oil production decline by 133,000 bbl/day in 2011 over the previous year.
Exxon will also benefit from new production in Nigeria and the completion of its Kearl oil sands project in Canada. Exxon and other oil companies are focusing on deepwater and remote resources to replace output declines from aging fields.We are revising our
In addition to the Kizaomba project in Angola, Exxon will also benefit from new production in Nigeria, where the company holds a 40% stake in new fields that are expected to add 70,000 bbls/day in production. Exxon's liquids output will also see a boost by production from the Kearl oil sands project in Canada, which will produce 110,000 bbl/day. Exxon holds a 100% stake in the Kearl project. We expect new production from these projects to help the company maintain steady output through the year. Click here to find out how a company's products have an impact on its stock price at Trefis. Like our charts? Embed them in your own posts using the Trefis Wordpress Plugin. This commentary comes from an independent investor or market observer as part of TheStreet guest contributor program. The views expressed are those of the author and do not necessarily represent the views of TheStreet or its management.
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