The stock of Exxon Mobil Corporation (NYSE:XOM) closed at $82.24 losing 0.78% in yesterday’s trading session. This company together with Abu Dhabi and Inpex has vowed to mobilize their resources and efforts as well towards giving the Upper Zakum oil filed a major boost. All of them have much to gain from the increased output capacity and if all moves according to plan by 2024 it hoped to have pushed the number of barrels to 1 million.
It was on Tuesday that the ADNOC gave its statement outlining that this particular agreement had been signed on the sidelines of an energy conference that was conducted in Abu Dhabi.
The Upper Zakum oil field lies in the offshore Abu Dhabi and happens to be fourth largest oil field globally whereas it stands at second position in terms of the offshore oil fields. A few months ago Abu Dhabi was in pursuit of a plan that it thought would help it lift its production capacity to about 750,000 bpd by 2017-18.According to it, the most important part was to plan ahead and explore all the top strategies.
An Exxon spokesperson opined, “We believe in working as a team and through our joint efforts we are confident that we will end up accomplishing much. The business world has its own dynamics and we are prepared for anything that might come our way in our quest to achieve immense business success.”
Over the years oil has been an emotive issue and has even led to civil wars in countries around the globe. But that is understandable considering what lucrative asset oil is and analysts have praised the move by the three to take the production to new levels. It might be a costly undertaking to many, but the eyes of these business giants remain fixed on the final outcome.
A top official working with Exxon was happy that despite a few inside challenges ranging from court cases to internal wrangles that they have managed to hold together. He sees the recent move by the company as a major step forward towards reaching its set goals.