Tuesday, September 4, 2007

ExxonMobil chairman focused on a different kind of green: "Oil will meet growing energy demand"

Conventional energy sources will have to meet the bulk of the world's energy requirements in the coming decades, ExxonMobil chairman Robert C. Olsen declared at Offshore Europe today.

As reported in Energy Current, Olsen speaking on global energy demand said, "By 2030, worldwide energy demand will be almost 40 percent greater than today, close to 325 million oil equivalent barrels per day. And that assumes we will achieve an energy efficiency improvement of nearly 45 percent by the end of the outlook period.

"Most of the growing demand for energy will occur in developing countries where 80 percent of the world's population lives, as they move toward industrialized societies. Access to energy will not only lead to more economic growth in the developing world, but also assist with improving living standards for the many people who lack even the most basic of necessities. One billion people today lack safe drinking water and 1.6 billion lack electricity."

He said that about 80 percent of the world's energy needs through 2030 will continue to be met by fossil fuels, and that by that time wind and solar, although enjoying rapid growth, will still only account for one percent of the global energy supply.

Olsen continued, "So it will be the conventional energy sources, oil, natural gas and coal, that will need to meet the bulk of the world's energy requirements over the coming decades. And the resources are available. According to the U.S. Geological Survey, there are more than 3 trillion barrels of conventional, recoverable oil across the globe. When non-conventional forms are taken into account, such as shale oil and heavy oil, the estimated resource base grows to more than 4 trillion barrels.

"When you consider that since the dawn of the oil industry we have collectively produced just 1 trillion barrels, you can see that recourses are adequate for the foreseeable future. The challenge lies in access and timely development. We no longer find and produce oil and gas in the manner our forefathers did in the 1800s. Our industry has evolved over time and it will be the continued emphasis on technological advancements that will be critical to our future successes."


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