2012 — Number 1 - ExxonMobil

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3 Technology drives energy transformation In a keynote address to the <strong>2012</strong> IHS Cambridge Energy Research Associates executive conference (known as “CERAWeek”) in Houston, Exxon Mobil Corporation Chairman and CEO Rex W. Tillerson described the importance of industry and government fulfilling their respective roles and responsibilities in unlocking energy resources that new technologies make available. Story by Thomas L. Torget Mr. Tillerson opened his speech by stating that an energy transformation is under way in North America, and it has worldwide implications. “The new sources of oil and natural gas our industry is developing – and the way in which we are doing so – will shape their development on a global scale,” he said. “We are breaking new ground in the United States and Canada in the safe and responsible production of shale gas, tight oil, oil sands and ultra deepwater.” Tillerson said this transformation unfolding in North America represents a potential decisive shift in the history of energy. “New technologies and innovative techniques have taken sources of energy once labeled unconventional, uneconomic and inaccessible, and made them conventional, economic and environmentally responsible,” he said. He noted that in Canada, development of oil sands using new technologies is providing access to one of the world’s largest known reserves of energy, enough to fuel today’s North American vehicle fleet for about 35 years. “Across the United States and Canada, two more unconventional sources – shale gas and tight oil – are transforming the outlook for energy security as well as reshaping global markets and supply lines,” he said. In his speech, Mr. Tillerson noted how new energy sources and high-impact technologies contribute to a strong economy. “Advances in horizontal directional drilling and hydraulic fracturing technology have unlocked the potential for recovering enough natural gas to power the U.S. and Canadian economy for around a century.” New energy developments create jobs Tillerson said development of “unconventional” oil and gas from shale and tight rock formations collectively supported 600,000 jobs and contributed more than $76 billion to the U.S. gross domestic product in 2010. He estimated that by 2040, natural gas will satisfy more than 25 percent of global energy demand, and natural-gas supplies
from unconventional sources will grow by more than 400 percent between now and then. Tillerson said this historic shift that is bringing abundant new supplies of natural gas carries environmental benefits. “Natural gas is cleaner-burning than other major energy sources, and this will help us meet our shared goals for reduced emissions and environmental stewardship,” he said. “In addition, the future of North American energy security continues to be transformed by advances in deepwater exploration and production,” he said. “In just over a generation – my generation – our industry has taken the concept of deepwater drilling from drawing board to execution, building some of the most complex engineering marvels in human history. In the process, we opened up a new frontier for energy production that has spread around the world. By 2040, we expect North American and global deepwater production to double.” Emerging energy consensus Tillerson explained how this energy transformation is changing the policy landscape. “With our success has come a renewed public respect for the importance of high-impact technologies and the role our industry can play in powering the broader economy,” he said. “A new energy consensus is emerging. Policymakers from both sides of the political aisle, and from around the world, recognize that energy is essential to growth and progress, and that every technological advance in our field offers tremendous economic and environmental opportunities to achieve our shared aspirations of hope and opportunity for all.” Tillerson noted that energy policymaking is most effective in meeting national goals when the deliberation and dialogue are driven by open and frank discussions of the scientific, economic and practical realities that shape global energy markets. “For this reason, in the decades ahead, the successful development of conventional, unconventional and alternative supplies of energy will depend on more than just geologic conditions and technological innovations,” he said. “Success will depend on the private and public sectors fulfilling their respective responsibilities, and working together to build a climate of investment in and discovery of new technologies. In short, government and business must both do their part.” Roles of industry, government Tillerson said that industry’s role is to unlock and deliver new supplies of energy in a safe, secure and environmentally responsible way. “Our greatest strength is developing the technology and techniques that maximize value while increasing safety, efficiency and environmental performance,” he said. Government’s role is best fulfilled when it allows markets to operate freely and openly. “Sound energy policies do not pick winners and losers through subsidies or mandates or punitive tax policy,” he said. Mr. Tillerson concluded his remarks by noting that the energy industry is continuing to engage the public and policymakers to increase safety, improve performance and build regulatory capacity based on sound science as the industry deploys new and revolutionary technologies. “Industry and government have both played a role in this great energy transformation,” he said. “By recognizing our mutual contributions in this positive change, we can build on our achievements and provide a model for the world to increase investment, innovation, opportunity and progress for all.” the Lamp Following his address, Mr. Tillerson participated in an informal questionand-answer session with energy expert Daniel Yergin (right), chairman of IHS Cambridge Energy Research Associates. To learn more exxonmobil.com/ cera<strong>2012</strong> 4
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