Exxon Underscores Importance of O&G to Meet Global Energy Demand

ExxonMobil today published "Outlook for Energy: A View to 2030" in which the corporation predicts that global energy demand, due to population growth and economic expansion, will increase by an average of 1.2% per year. Even considering the significant strides the petroleum industry is taking to become more energy efficient and resourceful, the world's energy demand is expected to grow by 35%, or to the equivalent of 310 million barrels per day by 2030, according to Exxon estimates.

Although the energy perspective has shifted toward tapping into alternative and renewable energy sources to quench burgeoning consumption while reducing "carbon footprints," Exxon underscores that oil, gas and coal will continue to power the majority of the world's energy needs, meeting close to 80% of the world's needs through 2030. Exxon acknowledges that alternative and renewable methods, such as nuclear, wind and solar power, as well as low-carbon- and biofuels, will also rapidly develop over the next couple of decades as effective energy resources, but that traditional hydrocarbon resources will remain the most abundant and affordable.

"Providing affordable energy to meet growing demand is one of the world's foremost challenges in the next 20 years," said Rex W. Tillerson, ExxonMobil's Chairman and CEO. "We must invest in the production of existing fuel sources, develop new sources of energy and create new technologies that will reduce the environmental footprint of energy production and use."

ExxonMobil's outlook is developed based on the analysis of 100 countries, 15 demand sectors and 20 fuel types, while also incorporating economic and population projections and considering the technological and energy-efficient advances that will transform worldwide energy needs and usage.