ExxonMobil
sees importance of the Middle East
Posted: 10 June 2003
In an address at the 13th Middle East Oil & Gas Show and Conference
in Bahrain, Exxon Mobil Corporation Director and Executive Vice
President Harry Longwell discussed the role that evolving market
forces, new technologies, and the shared interests of state-owned
enterprises, international oil companies, and governments will play
as
the petroleum industry manages future challenges and responds to
new global opportunities, particularly in the Middle East.
Noting that oil and gas, which currently represent 60 per cent
of
energy supplies, will remain the dominant energy source in this
century, Mr. Longwell emphasised the unique importance of the Middle
East in coming decades in meeting growing demand for oil and gas
and
accommodating the shift to more remote resources.
With the Middle East holding nearly two-thirds of the world's
conventional crude and condensate reserves, producing nearly a third
of the world's oil, and contributing more than half of the world's
exports, Longwell asserted, "The Middle East will remain the
largest
and most important supplier of oil for decades to come."
Furthermore, he stated, the growth in production capacity required
to satisfy future global demand for oil and gas will rely on three
key
elements: the effective use of appropriate technology, substantial
capital investment, and government policies that facilitate activities
necessary to grow production capacity.
"We expect that around 20
percent of our worldwide upstream capital expenditures will be in
the
Middle East through the end of this decade; and this could be larger,
with potential new openings," said Longwell.
Longwell noted that the Middle East will play an increasingly
important role in the future.
"Working as partners," he said, "the states within
the region and international oil companies will forge ever-stronger
ties. In so doing, we will meet the world's continuing need for
energy and help improve the lives of people everywhere."
Offering a perspective on the future, Longwell said, "I have
every
confidence that our industry's best years lie ahead — surpassing
even
the greatest achievements of the century gone by — a future
in which
our people continue to bring capital, technology, innovation,
performance, and integrity as the absolute prerequisites for success
in our partnerships."
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
