Exxon Mobil has invested $6.5bn in Upper Zakum oilfield since 2006

The largest US energy company plans to invest several million of dollars per year over the foreseeable future

Exxon will have 100 per cent interest in the operation of the blocks, with the acquisition of seismic data expected to commence in 2020. Reuters

ExxonMobil, the US's largest energy company, has invested about $6.5 billion (Dh23.87bn) in Upper Zakum oilfield since its involvement in 2006, according to its president and UAE lead country manager.

The company plans to invest several million of dollars per year over the foreseeable future, Christian Lenoble told state news agency Wam, without giving a specific figure of the total investment.

"Upper Zakum is the second largest offshore field in the world and we are planning to participate in increasing its production to one million barrels per day by 2024. It is a target that involves significant technical challenges to be overcome by quality investments," he said.

Mr Lenoble also said the global demand for crude oil is set to continue over the next decade despite geopolitical challenges as well as growth in the renewable energy sector.

The demand growth for oil is going to increase 1 per cent per year until at least 2030, he said.

"Renewables’ contribution to the energy mix is definitely going to increase," Mr Lenoble said. "There are different scenarios, but undoubtedly renewables’ growth will continue. Natural gas will replace coal. Vehicles will turn electric."

On the recent listing of Abu Dhabi’s Murban crude futures on an international exchange, he said it "is poised to get the full value of the supply chain".