Reliable Access to Affordable Energy Is Essential to a Brighter Energy Future

Leatherhead (15 February 2010) -- In a keynote speech today at the International Petroleum (IP) Week conference in London, Brad Corson, chairman of ExxonMobil International Limited and vice president – Europe/Caspian, ExxonMobil Production Company, discussed the need to increase supplies of reliable energy while reducing the impact of energy use on the environment.

Mr Corson pointed out that energy is fundamental to the sustainability and growth of global, national and local economies, and noted the strong growth of cleaner-burning natural gas as a source of energy:

“We can attribute this to its favourability for use in power generation.  Natural gas offers significant advantages in meeting growing electricity demand – it’s typically lower cost than other power generation options, and can reduce CO₂ emissions by up to 60 per cent versus coal.  The generation of electricity with natural gas can also be easily adapted to fluctuations in demand.”

Discussing climate change, Mr Corson said, “At ExxonMobil, we believe that the risks posed by rising greenhouse gas emissions to society and ecosystems are serious enough to warrant action – by individuals, by businesses and by governments.  The challenge is to reduce the risk of serious impacts while continuing to meet the world's increasing energy needs.”

Speaking about renewables, he outlined ExxonMobil’s initiative in the field of algae-based biofuels, in alliance with leading biotech company Synthetic Genomics, Inc. “We are committed to doing our part to develop all economically viable sources of energy,” he said.

He added: “By creating a level playing field in which our industry can compete fairly, governments can encourage investment and promote competition.”

Mr Corson concluded: “The availability, reliability and affordability of energy across the globe are vitally important to the future well-being and prosperity of everyone in all societies. By working together, we can deliver reliable access to affordable energy and build a brighter energy future for all.”