The Heat Is Online

. . . But Not Its Position

From an interview with Lee Raymond, CEO of ExxonMobil, Chief Executive Magazine (Oct. 2002)

Q: Isn't it time to join the scientific mainstream in countering the greenhouse effect?

Raymond: The mainstream of some so-called environmentalists or politically correct Europeans isn't the mainstream of all scientists or the White House. The world has been a lot warmer than it is now and it didn't have anything to do with carbon dioxide.

Q: You've been criticized for not investing in alternative energy. Why do you take such an extreme position?

Raymond: Right now we have the same solar technology we had 25 years ago. We're working on fuel cells, but they require fossil fuels to run. We're not focusing on renewables until we have some answers. We feel the important thing is to provide energy for growth and opportunity, especially for the developing world. And the most efficient way to do this is what we're doing.

ExxonMobil outlines $100billion investment plans

Agence France Presse, Nov. 6, 2002

Oil giant ExxonMobil plans to invest 100 billion dollars on prospecting, drilling and early production projects, executive vice president Harry Longwell said Wednesday. "During this decade, we expect to spend 100 billion dollars in capital on approximately 100 projects in the upstream (oil prospecting, drilling, and early production)," Longwell said. "We expect regions such as West Africa, the Middle East, the Caspian and Russia to make up nearly 40 percent of our production by 2010, up from 15 percent today."

ExxonMobil expected production capacity to grow at an average of three percent a year from 2000 until "well into the decade," he said. Longwell was speaking to a conference in Irving, Texas. A copy of his speech was released here.

ExxonMobil's production in established operations in the Americas, Asia Pacific and Europe, would remain about flat in absolute terms as new projects took over from natural declines in existing fields. Significant growth in the world's economies was expected to translate into global oil and gas demand of about 150 million oil-equivalent barrels per day by the end of this decade, he said. At the same time, ExxonMobil expected significant improvements in energy efficiency. The increased demand, coupled with existing field decline of roughly five percent per year, meant the oil industry may need to add about 80 million oil- equivalent barrels per day of production by 2010.

"The world has abundant oil and gas resources available to meet increased demand," Longwell said. ExxonMobil was optimistic in particular about deep water prospects off West Africa. "We have established a large acreage position offshore West Africa and we have been very successful in the discovery of new, high-quality resources," he said.

ExxonMobil outlines US $100b investment plans

The Business Times Singapore, Nov. 7, 2002

Oil giant ExxonMobil plans to invest US$100 billion on prospecting, drilling and early production projects, executive vice president Harry Longwell said on Wednesday.

"During this decade, we expect to spend US $100 billion in capital on approximately 100 projects in the upstream (oil prospecting, drilling, and early production)," Mr Longwell said. "We expect regions such as West Africa, the Middle East, the Caspian and Russia to make up nearly 40 per cent of our production by 2010, up from 15 per cent today."

ExxonMobil expected production capacity to grow at an average of three per cent a year from 2000 until "well into the decade," he said. Mr Longwell was speaking to a conference in Irving, Texas.