WASHINGTON (Sputnik) — US oil giant ExxonMobil will invest $20 billion in new projects in the Gulf of Mexico region over the next decade, Chairman and CEO Darren Woods said in a press release on Monday.
"The projects, at 11 proposed and existing sites, are expected to generate thousands of new high-paying jobs and $20 billion in increased economic activity in Texas and Louisiana," Woods stated.
Woods, who succeeded US Secretary of State Rex Tillerson as Exxon CEO in January, first announced the investment plans at the CERAWeek 2017 conference in Houston, Texas.
Exxon will invest in refining and chemical-manufacturing through 11 major projects at existing and proposed new facilities in the states of Texas and Louisiana.
On February 14, President Donald Trump signed a bill to reduce regulations on oil and gas projects in the United States.
