Technology, Strong Partnerships Key to Meeting Future Energy Demand Growth, Albers Says
BEIJING--(BUSINESS WIRE)-- Developing new energy sources to meet growing demand requires technological advancements and strong international partnerships, Mark Albers, senior vice president of Exxon Mobil Corporation (NYSE:XOM), said today at the International Oil and Gas Conference and Exhibition in China.
Noting that recoverable energy resources often are found in complex, remote locations with challenging conditions, Albers said cutting-edge technology founded on operational excellence is needed to overcome these challenges and bring abundant resources to market in a safe and environmentally responsible manner.
"Regardless of where resources are located around the world, technology will remain a key to unlocking them in the most efficient and effective manner," Albers said in a speech during a plenary session at the conference.
He said the combination of leading-edge technology together with a systematic focus on safety, the environment, and operations risk management through ExxonMobil's Operations Integrity Management System were key enablers of the company's ability to successfully produce the energy needed to meet growing demand.
ExxonMobil has invested more than $4 billion in research and development projects over the past five years to test a multitude of high-potential opportunities that could lead to technological breakthroughs.
But it is not enough to discover new technologies - companies have to apply and manage them efficiently and effectively, Albers said. "As the technologies we employ become ever more advanced, the premium is not just on individual technical capabilities, but increasingly on the effective integration of those capabilities founded on the bedrock of operational excellence and integrity."
Albers emphasized that developing the energy resources necessary to meet growing demand requires partnerships that make technological innovation and its effective application possible. Working together with host governments and national oil companies, international oil companies are able to partner effectively and apply their advanced technologies to help meet future challenges.
"Our common industry goal is to safely deliver safe, reliable, and affordable energy to the consumer. Advancing technology and building stronger partnerships are vital to the long-term strength of our industry. Working together in effective partnerships, we can meet the challenges that lie ahead."
CAUTIONARY STATEMENT: Statements in this release regarding future events and conditions are forward-looking statements. Actual future results, including the impact of new technologies, could differ materially due to changes in long-term oil and gas price levels or other market conditions affecting the oil and gas industry; political or regulatory developments; the outcome of research and development projects; technical or operating factors, including unexpected technical difficulties; the outcome of commercial negotiations; and other factors discussed under the heading "Factors Affecting Future Results" posted in the "investors" section of our website (www.exxonmobil.com).
ExxonMobil, the largest publicly traded international oil and gas company, uses technology and innovation to help meet the world's growing energy needs. 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.
Source: Exxon Mobil Corporation
Released June 7, 2010