|
Vanguard (Lagos) Nigeria: New Oil Finds Getting More Challenging, Says Exxonmobil Boss Clara Nwachukwu 19 July 2010 Equating supply to meet rising energy demand particularly in the industrialised nations and Asia is becoming increasingly challenging, Rex Tillerson, the Chairman and Chief Executive, ExxonMobil Corporation has said. Mr Tillerson, who spoke in the corporation's 2009 Corporate Citizenship Report, recently made available to journalists, noted that the implications for the rising demand will be significant for all stakeholders. In the case of Nigeria, where the Federal Government is seeking greater take from oil and gas resources, which constitute the bulk of its revenue earnings amid strong resistance from multinational operators, part of the challenge for ExxonMobil will also include reducing flaring through continued investment in infrastructure. Mr Mark Ward, the Lead Country Manager, ExxonMobil Affiliates, Nigeria (Esso Exploration and Production Company Limited; Mobil Producing Nigeria Unlimited; and Mobil Oil Nigeria Plc), in his remarks affirmed ExxonMobil's commitment to Nigeria for the long haul. He said that despite the global economic downturn, compounded by Nigeria's peculiar security and policy-related issues, which contributed in changing the scope and structure of the oil and gas business in Nigeria, ExxonMobil was able to overcome these challenges and even made "tremendous progress in many areas" particularly with regard to production levels. For instance, in 2009, ExxonMobil's net production averaged at 391,000 barrels per day, while the corporation has already produced about 950,000 barrels in the first half of 2010, due to a combination of factors including production restrictions by the Organisation of the Petroleum Exporting Countries (OPEC). Furthermore, ExxonMobil notes that government's support, through the long term renewal of its oil leases under joint venture operations with the Nigerian National Petroleum Corporation (NNPC), will sustain its oil and gas investments in the country. Operational issues ExxonMobil chief executive, Mr. Tillerson, who spoke on, rising to the Sustainability Challenge, said, "Meeting the challenge of sustainability requires that we effectively address complex environmental, economic, and social issues of our time, while delivering on our primary responsibility - finding and providing the reliable supplies of energy needed by future generations for progress and development." He highlighted some of the operational issues further compounded by global economic downturn to include: * How operators can develop the vast potential of unconventional resources or operate in areas like the arctic without compromising safety or the environment - the recent oil spill in the Gulf of Mexico by BP is a case at hand. * What are the legitimate roles and boundaries between government, the private sector and civil society, particularly in developing countries such as Nigeria undergoing targeted economic reforms. * Addressing the risks of climate change, while also ensuring that policy proposals focused on finding lasting solutions and not short term expedience or political acceptability. Future finds: While seeing "many opportunities for economic growth, improved living standards, and exciting new energy technologies," for its Outlook for Energy, the ExxonMobil Report equally foresees "tremendous challenges, and how to meet the world's growing energy needs to support and expand prosperity while reducing the impacts of energy use on the environment." The report said, "Fundamentally, our energy future is about people and how they use energy to foster economic development and human progress." it added that meeting future demand, say by 2030, will push up global energy demand by almost 35 percent from the 2005 base line. "This expansion will result in increased demand for energy in all major end-use sectors - transportation, power generation, industrial and residential/commercial," the report added. Accordingly, ExxonMobil, the world's biggest oil company by asset base noted that meeting the demand will not be easy, as this will require "an integrated set of solutions that include improving efficiency, expanding supplies of all economical energy sources, including renewables; and mitigating emissions through a variety of approaches, "which it said will require trillions of dollars in long term investments and constant technological innovation. |
|
| aus der Diskussion: | EXXON - zahlt kontinuierlich steigende Dividenden... |
| Autor (Datum des Eintrages): | R-BgO (20.07.10 15:04:29) |
| Beitrag: | 10 von 453 (ID:39848238) |
| Alle Angaben ohne Gewähr © wallstreetONLINE | |