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FOR IMMEDIATE RELEASE
CONTACT: Kevin McPherson
(+1-972-952-9371, e-mail kmcpherson@otcnet.org)
HOUSTON, Texas, U.S.A. (7 May 2002) - Six hundred
participants attended the Awards Luncheon Tuesday at the Offshore
Technology Conference (OTC), where Harry Longwell, Executive Vice
President of ExxonMobil, gave the keynote speech, "The Future
of the Oil and Gas Industry - Past Approaches/New Challenges."
Longwell reminded attendees of the caution that
must be taken when predicting the future of the industry by quoting
Leonard Silk, "If you can't forecast accurately, then forecast
often." Several significant factors affect the view of the
industry's future, including technology, economics, and politics,
Longwell said.
The optimism Longwell possesses derives merely
from the fact that there is and always will be a demand for the
production of oil and gas. He predicts that demand will increase
at a rate of 2% per year for oil and 3% per year for gas through
2010, mainly because oil and gas consumption is essential to sustaining
economic growth in the industrialized world and is key to progress
in developing nations, he said.
Longwell pointed out that while demand will increase,
production is likely to decline, therefore presenting a challenge
to producers. This means that the industry may need to add more
than 80 million barrels per day by 2010 to meet demand, which would
in turn substantially increase producer spending.
Part of meeting the challenge means taking advantage
of all corporate resources to lower costs and increase operational
efficiency, he said. Presently, this occurs through mergers, which
broaden E&P prospects, optimize assets, and create synergies
in research. With increased research and development at lower costs,
companies will be able to explore new regions and optimize production.
These advances will be critical to meet the energy demand after
2010, Longwell said.
"Evolving technology improves our ability
to virtually see and distinguish the oil and gas before we drill,"
Longwell stated. "New tools actually allow us to detect the
presence of hydrocarbons."
Awards also were presented during the luncheon. The Distinguished
Achievement Award for Individuals was presented to Bruce G. Collipp
for his invention and development of the world's first semisubmersible
floating platform. Morris Foster, president of ExxonMobil Development
Company, accepted the Distinguished Achievement Award on behalf
of the ExxonMobil team for their Hoover Diana Project.
Founded in 1969, the Offshore Technology
Conference is the world's foremost event for the development of
offshore resources in the fields of drilling, exploration, production
and environmental protection. OTC is held annually in May at Reliant
Center at Reliant Park in Houston. For more information, visit the
OTC 2002 Web site at www.OTCnet.org.
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