Exxon Mobil (NYSE:XOM) has an extensive portfolio of international projects under development to generate the production growth needed to reach its goals discussed at a recent analyst meeting. The company will put tens of billions in capital into this area over the next decade.

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Production Goals
Exxon Mobil plans to spend $34 billion in capital in 2011, up from $32.2 billion in 2010. The company will increase this spending further over the 2012 to 2015 time frame and has allocated between $33 billion and $37 billion during each of those years.

The result of all this capital spending will be average annual oil and gas volume growth of between 4% and 5% for the company through 2014.

Upstream Projects
Exxon Mobil has eleven large upstream projects starting up production from 2011 to 2013. These projects will add an estimated 120,000 barrel of oil equivalent (BOE) per day of production in 2011. Future projects already underway will add 1.4 million BOE per day by 2016, with 80% of this new production composed of crude oil. Many of the projects are located in the international part of the company's portfolio.

One area that Exxon Mobil is developing is in Angola, where the company has interests in four offshore blocks. The company first got involved in Angola in the mid 1990s and has developed and started production from three phases at the Kizomba project.

Exxon Mobil plans further development at the field and expects to add another 100,000 barrels per day from here. Exxon Mobil's partners at this project include BP (NYSE:BP) and Eni (NYSE:E).

Exxon Mobil is also involved in other areas in Africa including an offshore development in Nigeria. Total (NYSE:TOT) is the operator of this development and Exxon Mobil has a 30% ownership. The field has estimated probable reserves of 500 million BOE.

Another major project for Exxon Mobil is the Sakhalin-1 Project located offshore Russia. Exxon Mobil started up production from the Chavyo field in 2005, and from the Odoptu field in late 2010. The next challenge for the company here is the development of the Arkutun Dagi field where first production is expected in 2014.

In Australia, Exxon Mobil is working on the Kipper and Turrum fields located off the southern coast of Australia. These two fields hold an estimated 1.6 trillion cubic feet of recoverable natural gas and more than 100 million barrels of liquids. Exxon Mobil and BHP Billiton (NYSE:BHP) will develop these two fields and tie them into a nearby producing field.

Bottom Line
Exxon Mobil will lean on its large international portfolio of exploration and development projects to reach the oil and gas production growth goals promised to investors. This will require enormous capital outlays over the next decade. (For more stock analysis see Exploring The Utica Shale.)

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