At a time when oil and gas companies across the globe are consciously weighing their actions, Exxon Mobil appears to be taking an aggressive approach to beat the ongoing commodity trough. This resource discovery is in addition to the 1 billion BOE of recoverable oil already identified in the Liza Field. Rapid Expansion Plans In US Gulf CoastEarlier this month, Exxon Mobil announced its plans to expand its manufacturing capacity along the U.S. Gulf Coast through planned investments of $20 billion over the next 10 years. Apart from this, Exxon is also trying to expand its operations in Brazil, since it is the only oil major that does not have a sizable presence in the country. If Exxon Mobil manages to make this deal, it will have a huge opportunity to expand its operations in the Brazilian market, which has been largely dominated by Petrobras.

Source: Forbes April 06, 2017 15:56 UTC