Chairman and CEO Rex Tillerson announced that joint ventures in Qatar, in which ExxonMobil Corporation participates, will start up projects over the next two years that will bring more liquefied natural gas to market than any other international oil company.
Speaking at the 19th World Petroleum Congress in Madrid, Tillerson outlined the challenge of supplying growing energy needs while minimizing the impact on the environment.
“New energy technologies for energy supply, such as those enabling an increase in world LNG supplies, together with technologies to improve energy efficiency, will be critical in meeting the world’s energy challenge,” said Tillerson.
“On the supply side, technological breakthroughs in the production and transportation of LNG -- such as ExxonMobil and Qatar Petroleum’s Q-Max technology enabling an 80 percent increase in LNG ship cargo capacity -- are facilitating the development of a global market for cleaner-burning natural gas.
“Not only will a global LNG market help supply increasing energy demand, it will also strengthen global energy security by helping to diversify supplies. And because it is cleaner-burning than other conventional sources, natural gas has important environmental advantages as well.
"Partnerships, such as the one between Qatar and ExxonMobil, are making LNG’s potential a reality," continued Tillerson. "Technological advances, pioneered with Qatar Petroleum and others, have enabled ExxonMobil to achieve new economies of scale for development of the North Field, the largest non-associated natural-gas field in the world."
Tillerson outlined a project led by ExxonMobil, Qatar Terminal Limited and Edison -- the Adriatic LNG terminal -- which is a key component of plans to bring new LNG supplies to market.
Adriatic LNG will be the first offshore gravity-based re-gasification terminal in the world, and will have the capacity to provide 10 percent of Europe’s LNG supply. Construction is nearing completion and the terminal is scheduled to be moved to location in the Adriatic Sea offshore Italy in August. In addition to projects in Qatar and the Adriatic LNG project, ExxonMobil is also participating in the development of a number of other LNG projects around the world.
“Such partnerships are forged through the free flow of goods, services, capital and expertise across borders. Free trade and investment propel the energy-innovation cycle forward, bringing the best minds and the latest tools to bear on the toughest challenges,” said Tillerson.
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