« BackNews: ExxonMobil Plans Gulf Coast Expansion
ExxonMobil Plans Gulf Coast Expansion
ExxonMobil has announced its plans for a significant expansion of its activities on America’s Gulf Coast, with a range of projects proposed across 11 sites. Some of these are locations already in use by the company, while others will be new sites.
In total, the firm plans to invest $20 billion over a ten-year period, which began in 2013, taking advantage of what the chairman and chief executive officer Darren Woods described as “the American energy revolution”.
The company’s main focus with this expansion is on refining and chemical manufacturing projects, helping bolster its manufacturing and export capacity.
Mr Woods commented: “We are using new, abundant domestic energy supplies to provide products to the world at a competitive advantage resulting from lower costs and abundant raw materials.”
Much of this investment is designed to boost exports to Asian markets, with Mr Woods adding that America has the supply, but the demand is in the east. “We want to keep connecting those dots,” he asserted.
Petrochemical storage and transportation facilities are therefore likely to be among those being developed by the country in locations such as Texas and Louisiana.
Earlier this month, Military Technologies reported on a speech given by Gazprom’s Alexey Miller, where he highlighted the importance of natural gas in the energy mix. He stated that relying on renewable sources alone isn’t practical, as they aren’t reliable enough and are too costly.
Mr Miller also pointed to the fact that it’s very difficult to transport the likes of solar or wind power around the world, whereas gas can be readily transported and taken where it’s required. “Natural gas is the most cost-efficient energy source in terms of transmission and storage,” he asserted.
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