Community management bodies send out circulars listing ‘security measures before travel’
ExxonMobil is budgeting to make investments worth $25-$30 billion in each of the next four years to help it meet the projected increase in worldwide oil demand.
“We haven’t changed our capital budget plans, unlike many of our competitors. We continue to invest,” said Donald Humphreys, ExxonMobil’s Senior Vice President and Treasurer.
The US oil major invested $26 billion in exploration, production and other long-term operations last year. It continues “to progress” its current portfolio of 120 active projects, he said.
Humphreys made his remarks in a keynote speech at the Wharton Global Economic Forum in downtown Dubai. Hundreds of graduates and faculty of the Wharton School of the University of Pennsylvania attended the forum, a two-day event held for the first time in the Middle East. The theme of the forum was the region’s rising role in the changing global economy. The forum ends on Thursday.
ExxonMobil has invested in energy projects in Egypt, Qatar, Saudi Arabia and the United Arab Emirates, Humphreys said. He did not say what new investments it might be considering in the region.
Looking ahead, the company foresees China and India accounting for more than 40 per cent of the incremental growth in worldwide energy demand. The Middle East also would account for a “substantial” share of the burgeoning global appetite, Humphreys said.
Oil, natural gas and coal cannot by themselves satisfy the total future demand for energy. “Alternatives such as solar and wind energy and nuclear and biofuels will make a significant and growing contribution,” he said.
Yet, ExxonMobil has invested little, compared to BP and some of its other rivals, in these alternative fuels. “First generation” technologies such as these are not financially attractive, Humphreys said.
”Without large government subsidies, we don’t see how they can be viable.”
Community management bodies send out circulars listing ‘security measures before travel’
Humidity is expected to range between 10 per cent and 75 per cent today
Imagine a firm acting like a strict parent, setting all the rules and watching the clock
Customising sessions to meet each patient's needs is essential to successful music therapy
Learners just need to bring their own goggles, swimsuit, water – and most importantly the determination to learn, and willingness to clean the beach
Omar Al Marzouqi and cyclist Safiya Al Sayegh were the flag-bearers for the UAE at the opening ceremony
For the first time in Olympic history, the opening ceremony is taking place outside the main stadium
In a social media post, the Ministry of Foreign Affairs urged its citizens to exercise necessary precautions