Where has the corporation had success with a full life cycle model? A recent example is the Papua NewGuinea (PNG) liquefied natu- ral gas (LNG) project that started up in 2014. It has the potential to produce some 9 trillion cubic feet of natural gas for export to Asian markets as LNG for decades to come. ExxonMobil brought all of its upstream strengths to bear in an extremely challenging environ- ment with minimal pre-existing infrastructure. But we have put in place the ingredients needed for a successful long-term project and a strong relationship with the gov- ernment and the people of PNG. Best yet, we are still exploring for new resource opportunities. Of course, we have estab- lished long-term relationships all over the world.
stronger position to look for the most attractive opportunities. Exploration is not a stand- alone business line. We don’t drill a discovery and then sell it to someone else to develop and produce. We can apply the full breadth of ExxonMobil’s indus- try-leading upstream organiza- tion from exploration and devel- opment through production and gas marketing, all supported by a research company that provides the latest technology. Plus we have world-class downstream and chemical businesses. This allows us to generate maximum value through the full life cycle of an energy development. This is ExxonMobil’s prime differen- tiator, and it is a strength that is particularly attractive to host governments.
In July, we announced a significant oil discovery on a 6.6 million-acre block – about 10,000 square miles – offshore Guyana in South America (see story, page 15). We’re optimistic about establishing a long-term presence in Guyana to help the nation build the infrastructure to support development of its oil and gas resources. Switching topics a bit, how does Exploration develop its geoscience talent? We focus on having employees experience the full breadth of pe- troleum geoscience, from the ini- tial exploration concept all the way through the last barrel produced. The best geologist is the one who has worked in teams with the engineers, commercial people, gas marketers and others to learn
ExxonMobil Exploration by the numbers Employs about 1,000, including 650 geoscientists. Explores in more than 30 countries. Explores on 116 million acres. Our exploration drilling program added 2.7 billion oil-equivalent barrels in 2014, with additions from multiple resource types around the world. Additions from exploration drilling averaged approximately 2 billion oil-equivalent barrels per year over the last decade.
A major ExxonMobil strength is generating maximum value through the full life cycle of a development.
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