Strengthening the portfolio

ExxonMobil invests in exploration and growth assets to maintain a pipeline of high-quality future developments to offset the natural decline of producing assets.

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Strengthening the portfolio

Our strategy is to leverage our expertise and technology to explore the world’s frontier environments for high-priority opportunities with the lowest cost of supply.

Proprietary geoscience and geophysics knowledge gained from decades of global exploration and development experience supported 18 discoveries in Guyana – allowing ExxonMobil to organically grow the industry’s best deepwater portfolio. The estimated recoverable resource at the ExxonMobil-operated Stabroek block, offshore Guyana, was recently increased to nearly 9 billion oil-equivalent barrels. Our near-term plans include drilling of several deepwater wells, including opportunities in Guyana, Suriname and Brazil.

During the last couple years, we increased our upstream presence in several countries including capturing new acreage in Canada, Suriname, Angola and Egypt. The exploration acreage we have secured is material and is built upon strong relationships, with the potential for great rocks and fit within our portfolio.

In addition to growing the portfolio through exploration success, we are progressing efforts to divest non-core assets, as we continuously evaluate opportunities to high-grade our portfolio and deliver a pipeline of growth projects.