In a speech to the 19th World Petroleum Congress (WPC) in Madrid, ExxonMobil Chairman and CEO Rex W Tillerson discussed the importance of technology and partnerships in meeting the energy supply and demand challenges the world faces, and emphasised the role of liquefied natural gas and energy efficiency. The following is a transcript of the speech.
In the nearly three years since I had the opportunity to address the 18th WPC, concerns about energy security and the environment, including the risks posed by rising greenhouse-gas emissions, have risen sharply. So have energy prices, of course. Today, high prices for crude and petroleum products are causing hardship for consumers around the world, and straining energy partnerships as well. Such developments are not new to our industry’s history. Today’s prices reflect, in part, the cyclical nature of the global commodities that we produce. But behind this current cycle is something new – and encouraging. The global economy is expanding at an historic pace. In fact, in less than a generation, the world economy has grown by more than 50%. Millions have escaped poverty as a result, and billions more have achieved higher standards of living.
All of us in the oil and gas industry have played an essential role in this historic growth. Energy is fundamental to nearly all economic activity and modern standards of living. So it is not surprising that as prosperity has spread, energy demand has grown. Today’s high energy prices reflect that rising demand and a need for additional supplies – and, in a sense, they are a symptom of the world’s success. The challenge we face today is continuing to provide the energy needed to sustain economic growth and lift more people out of poverty, while also minimising the effects of energy usage on the environment.
By 2030, global demand for energy will likely be about 30% higher than it is today – even with substantial gains in efficiency. To meet this growing energy demand, we must develop all commercially viable energy sources. No single source can meet the world’s growing energy needs. In the world’s diverse energy mix, oil and natural gas are expected to account for nearly 60% of total energy through 2030. Their relative availability, affordability, efficiency and versatility make them indispensable.
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