ExxonMobil's Energy Strategy to Support AI Demand
ExxonMobil outlines plans to increase energy production to meet rising AI demands.
Key Points
- • ExxonMobil plans to boost oil production from 3.7 million to 5.4 million barrels per day by 2030.
- • The company intends to double its LNG capacity to 40 million tonnes per annum by the decade's end.
- • CEO Darren Woods emphasizes the need for smarter policy changes to enhance energy security.
- • Over four billion people currently live in energy poverty, highlighting the urgency for solutions.
ExxonMobil is gearing up to address the escalating energy demands brought forth by advancements in artificial intelligence (AI). During the Pennsylvania Energy and Innovation Summit, CEO Darren Woods underscored the vital role of reliable energy in facilitating this growth, calling AI "an accelerant" that highlights broader energy access issues. Currently, over four billion people are living without adequate access to reliable energy, emphasizing an urgent need for scalable energy solutions.
ExxonMobil's ambitious plans include increasing its global oil production from 3.7 million barrels per day in 2023 to 5.4 million barrels per day by 2030, enough to power approximately 150 million U.S. homes. Additionally, the company aims to double its liquefied natural gas (LNG) capacity to 40 million tonnes per annum by the end of the decade. Woods argued for smarter permitting processes to expedite these projects, addressing the limitations posed by outdated regulations that can delay necessary advancements in energy security and economic opportunities.
Highlighting the U.S.'s leading capabilities, Woods pointed out that ExxonMobil operates the largest integrated carbon capture and sequestration (CCS) system in the nation, which spans over 1,000 miles. He stressed that without supportive policy changes, the company's efforts to meet the rising energy needs driven by AI might face significant hurdles. As the demand for energy grows in tandem with living standards, ExxonMobil is positioning itself as a reliable energy provider for a transforming technological landscape.