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TMCNet: EXXONMOBIL: OIL AND GAS WILL REMAIN MAIN WORLD ENERGY SOURCE

[September 07, 2006] 

Oil and gas will continue to remain the world’s main energy source for the next 50 years, providing 60 percent of the required energy although many alternatives are there now, says an industry member.

ExxonMobil’s Manager of Public Affairs, Mokhtar Daud, said that although there were alternatives like coal, hydro power, nuclear and others, there were still large reserves of oil and gas and that they were more easier to use in transportation and distribution

They are also more economical, he said

“In reality, 1.6 billion people in the world are still without electricity supply and 2.4 billion people are still using wood and cowdung as fuel source,” he said at the launch of a motivation programme on science and technology at the Universiti Darul Iman Malaysia (UDM), here today

To tap the oil and gas reserves however, a high level of technology and expertise is required, he said, adding that the present oil and gas discoveries made by the company were in highly challenging areas

They included the deep seas in Africa, the cold areas of Russia and Qatar’s desert

Mokhtar said that worldwide, ExxonMobil had 14,000 engineers and scientists

“The company spends more than RM2 billion every year for various research efforts and technology development related to its operations

“Therefore, ExxonMobil in particular and the oil and gas industry in general require many more engineers and scientists in the future, so that in the coming generation the industry can continue to remain the world’s major energy source,” he said

Mokhtar said ExxonMobil also expected world’s demand for energy to go up by 60 percent in 25 years’ time and about 80 percent from the increase in demand would come from developing countries like China, India and Malaysia

He said ExxonMobil now had 42 oil and gas platforms in the South China Seas with a production capacity of 150,000 barrels of oil and one billion cubic ft of gas per day

The crude oil produced by ExxonMobil is sent to refineries in Port Dickson to be processed into petroleum products such as petrol, diesel, aircraft fuel and cooking gas which is LPG

ExxonMobil has 2,000 workers in Malaysia with 98 percent of them locals. Copyright 2006 Bernama

Copyright 2006 Bernama – Malaysian National News Agency Source: Financial Times Information Limited – Asia Intelligence Wire.

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