ExxonMobil ready to pounce big time

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ExxonMobil is poised to make a further large upstream acquisition this year as – in common with the other industry majors – it continues to focus on acquisitions rather than exploration activity to boost its reserves.

Since 2009 ExxonMobil has bought assets worth more than US$50bn compared with an outlay of just US$7bn on exploration drilling, and the leading US oil company expects the bulk of its US$41bn