Darren Woods, CEO of Exxon Mobil. Photo: Reuters, Brendan McDermid

ExxonMobil announced plans to invest $20 billion on US-based projects, including petrochemical plants in the Gulf of Mexico. The Wall Street Journal also reported that Chevron is expected to reveal their own plans to beef up projects in West Texas and New Mexico. The moves come as better technology has opened up potential for exploring new resources in the US, with the Paris-based International Energy Agency indicating the US will be the largest contributor of new supply through 2022.