Exxon plans 25 new projects in next three years

NEW YORK, Mar 7 (Reuters) Exxon Mobil Corp said on Wednesday it plans to launch 25 new global projects in the next three years that are expected to add 1 million oil equivalent barrels per day to ExxonMobil's base volumes when they reach their peak.

The No. 1 U.S oil company said its project inventory at year-end 2006 is expected to develop 24 billion oil-equivalent barrels net to ExxonMobil.

Rex Tillerson, chairman and chief executive, said he expects the company's capital spending to be about billion a year through 2011.

''I expect very active levels of investment beyond the end of the decade.'' said Tillerson, while speaking at the company's analyst meeting in New York.

Tillerson also said the company led the industry in 2006 with return on capital employed of 32 percent.

The company said it plans seven major project startups in 2007, adding about 200,000 oil equivalent barrels per day to base volumes.

It also plans about 18 major project startups in 2008-2009, adding about 800,000 oil equivalent barrels per day to base volumes.

Shares of the Irving, Texas-based company were up 8 cents at .08 in morning trade on the New York Stock Exchange.

REUTERS DKS KP2103