Exxon’s Forecast for Fossil Fuels
by Mark Gongloff.- The head of Exxon Mobil’s international unit said he’s forecasting a dominant role for fossil fuels through 2030 to feed the world’s economic growth, even as alternative energies gain traction.Though wind and solar power are expected to grow rapidly, they will account for about 1% of global energy demand by 2030, while 80% of the energy needs will be met by oil and gas, according to Robert C. Olsen, chairman and production director of Exxon Mobil International Ltd.
Wind and solar power will grow an average of 10.5% a year through 2030, compared with 1.6% average annual growth for coal, gas and oil combined, Olsen estimated. “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,” he commented at the Offshore Europe energy conference in Aberdeen, Scotland.
The world contains plenty of fossil fuel, with about 3 trillion barrels of conventional, recoverable oil across the globe, with 1 trillion produced since the industry launched more than 100 years ago, he added.
Olsen’s remarks came as some Exxon Mobil shareholders call for the oil giant to invest more to reduce its carbon footprint and as regulators hammer out new emissions guidelines to take the place of the Kyoto Protocol, which expires in 2012.
Olsen reiterated Exxon Mobil’s recognition that global warming has taken place and that carbon-dioxide emissions have had an impact. To reduce carbon dioxide, he said that the company has invested in 85 cogeneration operations worldwide to harness natural gas and other emissions at its refineries and other facilities.
Exxon also has sequestered 1 million metric tons of carbon dioxide per year since 1998 by burying the gas in the North Sea Sleipner gas field. “This approach hold great promise in becoming a major contributor to reduced emissions over the coming decades,” Olsen said.
Exxon Mobil supports a “uniform and predictable cost for carbon” to allow market forces to do their part in cutting emissions, he commented.
Wind and solar power will grow an average of 10.5% a year through 2030, compared with 1.6% average annual growth for coal, gas and oil combined, Olsen estimated. “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,” he commented at the Offshore Europe energy conference in Aberdeen, Scotland.
The world contains plenty of fossil fuel, with about 3 trillion barrels of conventional, recoverable oil across the globe, with 1 trillion produced since the industry launched more than 100 years ago, he added.
Olsen’s remarks came as some Exxon Mobil shareholders call for the oil giant to invest more to reduce its carbon footprint and as regulators hammer out new emissions guidelines to take the place of the Kyoto Protocol, which expires in 2012.
Olsen reiterated Exxon Mobil’s recognition that global warming has taken place and that carbon-dioxide emissions have had an impact. To reduce carbon dioxide, he said that the company has invested in 85 cogeneration operations worldwide to harness natural gas and other emissions at its refineries and other facilities.
Exxon also has sequestered 1 million metric tons of carbon dioxide per year since 1998 by burying the gas in the North Sea Sleipner gas field. “This approach hold great promise in becoming a major contributor to reduced emissions over the coming decades,” Olsen said.
Exxon Mobil supports a “uniform and predictable cost for carbon” to allow market forces to do their part in cutting emissions, he commented.
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