The continued development of advanced technologies for hydrocarbons and renewable fuels and co-operation among national oil companies and international oil companies are essential to meet the expected growth in global energy demand, according to Sara Ortwein, president of ExxonMobil Upstream Research Company, speaking at the 2011 World Future Energy Summit in Abu Dhabi today.
“Currently the world uses 15 billion BTUs of energy every second,” said Ortwein. “That’s the equivalent of 40 light bulbs running continuously for every person on earth – including the 1.2 billion people who do not have access to electricity.”
Ortwein said the challenge was to balance energy and economic growth without neglecting environmental safety, to meet this challenge it will be necessary to integrate technology solutions expand supply whilst increasing efficiency and mitigating emissions.
“Energy producers such as Abu Dhabi face a parallel challenge - with added complexity,” Ortwein explained. “The challenge here is to develop resources in a way that maximises value - and also satisfies the national vision for economic, social and environmental progress for the benefit of future generations of Emiratis.”
Ortwein said national oil companies (NOC) and international oil companies (IOC) partnerships are best positioned to meet the energy challenges of the future – while also helping develop world-class energy-producing nations. This due to their mutual investment and strong integration which leads to strong stable partnerships developing where risk is shared.
Faced with the challenge of meeting the growing demand for energy around the world, Ortwein said, “It’s going to require strong NOC-IOC partnerships, trillions of dollars of new investment in people and in technology, and a long-range focus on continuous innovation and safety. I am confident that working together we will be able to meet this huge challenge - to supply energy safely, reliably, affordably and in an environmentally responsible way.”