Exxon Mobil plans to start up 16 oil and natural gas projects by 2017

Exxon Mobil is planning to start up 16 oil and natural gas projects and increase daily production to 4.3 million oil-equivalent barrels by 2017.

The company expects to increase production volumes 2% to 4.1 million oil-equivalent barrels per day in 2015.

The volume increase is supported by the start up of various projects completed in 2014 and the expected ramp up of seven new developments in 2015.

Plans include the startup of Hadrian South in the Gulf of Mexico, expansion of the Kearl project in Canada, Banyu Urip in Indonesia and deepwater expansion projects at Erha in Nigeria and Kizomba in Angola.

Production start up is anticipated from several projects in 2016 and 2017 including Gorgon Jansz in Australia, Hebron in Eastern Canada and expansions of Upper Zakum in the UAE and Odoptu in Far East Russia.

ExxonMobil chairman and chief executive officer Rex Tillerson "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,"

The company also plans about $34bn in capital spending during 2015, representing a 12% decrease from 2014.

Additional cuts are expected in 2016 and 2017, when annual capital and exploration expenditures are expected to average less than $34bn.

ExxonMobil said its downstream and chemical businesses remain resilient in the lower commodity price environment and continue to generate better cash flow, supported by ample crude and gas supplies from North America.