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Exxon CEO says 5-year program could double its shale output

1
Sabrina Valle
·1 min read

By Sabrina Valle

HOUSTON, June 1 (Reuters) - Exxon Mobil Chief Executive Darren Woods told an energy industry conference on Thursday he aims to double the amount of oil produced from its U.S. shale holdings over a five year period using new technologies.

"We are beginning to see the signs of some very promising new technologies" that will "significantly improve recovery" volumes, Woods said at the Bernstein Strategic Decisions conference.

Exxon currently recovers about 10% of shale resources from its operations. A first wave of new shale technology could come by fracking along much longer lateral well segments, and keep the fracks open so more resources flow, he said.

"My challenge to the organization was to double recoveries," he said. "There is still a lot of oil being left on the ground." (Reporting by Sabrina Valle; editing by Gary McWilliams)