Big Oil Plans 15% Combined Output Growth By 2021

By Tsvetana Paraskova Oil supermajors are on the verge of reversing stalled production growth, planning a combined 15 percent increase in their total crude oil output by 2021, according to a Reuters analysis of their latest production and capital plans. Royal Dutch Shell, ExxonMobil, Chevron, BP, Total, Statoil, and Eni plan to lift their combined output by nearly 3 million bpd over the next five years, according to estimates by Thomson Reuters, Barclays, and BMO Capital Markets. For example, BP has recently said in its strategy update that “in the Upstream, we…

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