North America′s Historic Energy Transformation Calls for Collaboration on Energy Policies, Says Rex Tillerson
ExxonMobil CEO Addresses IHS CERAWEEK Executive Conference in Houston
New technologies and sources of energy have reshaped energy markets
allowing North America to enhance its energy security.
Natural gas demand expected to increase by 60 percent by 2040.
Government and industry need to work together on policies that provide
access and accountability and encourage the investment and innovation
that are critical for the future development of energy resources.
Technological advances in the development of energy sources such as
shale natural gas, Canadian oil sands and deepwater resources have the
potential to truly transform global energy markets, Rex W. Tillerson,
chairman and chief executive officer of Exxon Mobil Corporation
(NYSE:XOM), said today.
ExxonMobil predicts that global demand for energy will grow by 30
percent by 2030, with demand for natural gas increasing by 60 percent
and deepwater production doubling. Developing these resources to their
potential in the U.S. can only be achieved through thoughtful energy
policies that create a pathway to enhanced energy security and industry
commitment to promote safe development of these resources, Tillerson
remarked in a speech to the IHS CERAWEEK Executive Conference.
'The transformation unfolding in North America represents a potentially
decisive shift in the history of energy. New technologies and innovative
techniques developed by the men and women of our industry have taken
sources of energy once labeled "unconventional,′ "uneconomic′ and
"inaccessible,′ and made them conventional, economic and environmentally
responsible,? Tillerson said.
Tillerson pointed to the critical role of shale natural gas in supplying
future energy needs, saying that advances in horizontal directional
drilling and hydraulic fracturing technology have unlocked the potential
for recovering enough natural gas from shale to power the U.S. economy
for a century.
In 2010 alone, shale gas development supported 600,000 jobs and
contributed more than $76 billion to U.S. gross domestic product.
In Canada, the energy industry is developing oil sands that are
providing access to one of the world′s largest known reserves of energy
? approximately 170 billion recoverable barrels, or the energy
equivalent to fueling today′s North American vehicle fleet for about 35
years. Tillerson pointed to ExxonMobil′s Kearl project, which will
produce oil sands with the same emissions as many other oil sources, as
one example of a project to reduce the environmental footprint of oil
sands development.
To fully realize the benefits of North America′s energy endowment,
Tillerson called on governments to enact thoughtful energy policies that
open up access to the nation′s resources and allow industry to make the
long-term investments needed to meet growing demand. In turn, he said
industry has a responsibility to maintain a relentless focus on
operations integrity, safety and technological innovation.
'When we understand the unique roles that government and industry play
in supporting energy production, we can pursue a pathway forward to
greater energy security. A fundamental recognition of our roles helps us
put in place policies that provide access and accountability, create a
climate that welcomes investment and innovation, and ensure government
and industry build on the lessons of how to work together,? Tillerson
said.
'In the decades ahead, the successful development of conventional,
unconventional and alternative supplies of energy will depend on more
than just geologic conditions and technological innovations,? Tillerson
said. 'Success will depend on the private and public sector fulfilling
their respective responsibilities ? and, where they can, working
together to build a climate of investment and discovery in new
technologies.?
About ExxonMobil
ExxonMobil, the world′s largest publicly traded international oil and
natural gas company, is committed to producing the energy needed for
economic progress in a safe, reliable and environmentally responsible
manner.
The company uses technology and innovation to help meet the world′s
growing energy needs, investing approximately $1 billion annually on
research and technology development. ExxonMobil holds an
industry-leading inventory of resources, is the largest refiner and
marketer of petroleum products, and its chemical company is one of the
largest in the world.
For more information, visit www.exxonmobil.com
and follow ExxonMobil on Twitter @exxonmobil.
ExxonMobil
Media Relations, 972-444-1107
