The company said that by 2010 the Middle East would account for 20 percent of its total global investments in the upstream oil and gas sector.
"The Middle East is getting larger and larger in the global oil and gas sector with exploration opportunities increasing in the region," said Richard Brown, Middle East area manager of ExxonMobil.
"We will continually enhance investments in this region and by 2010 at least 20 percent of our upstream investments will be in this region."
The company has 9.5 percent equity in the Abu Dhabi Company for Onshore Oil Operations (Adco).
"ExxonMobil had a net production of 110,000 barrels per day of oil in Abu Dhabi during 2003, which was associated with the highest annual gross production rate since the first oil exports from the onshore concession began 40 years ago."
He said the company was pursuing other investment opportunities in Abu Dhabi focusing on areas where ExxonMobil's industry-leading technology and capabilities can contribute to increased recovery of oil and gas, and enhanced training and development for UAE nationals.
ExxonMobil has bid for a stake in the Zakum Development Company and is awaiting results from the authorities.
Most Popular Articles