MANILA - A growing population and higher economic growth would raise global demand for energy by as much as 35% in 2030, according to ExxonMobil, the world's largest publicly-listed oil company.
ExxonMobil public affairs advisor Jonathan Law said this growing need for energy will still be supplied primarily by oil, gas, and coal since these are cheaper and more accessible sources.
He said, however, that carbon dioxide (CO2) emissions are also likely to rise by close to 30% between 2005 and 2030 despite improved energy efficiency and growth in nuclear and renewable energy sources.
Given this, he said efforts to lower CO2 emissions should be intensified, adding that techology will play a vital role in overcoming this challenge in the coming decades.
ExxonMobil earlier said that it will invest about $100 million to drill another well under Service Contract No. 56 (SC 56) in the South Sulu sea. The drilling of the second well, to be named Banduria, will begin as early as mid-December this year.
SC 56 covers an area of 8,200 square kilometers, located 900 kilometers southwest of Manila and 200 km northwest of Bongao, the capital of Tawi-Tawi province in Mindanao.
ExxonMobil currently operates and owns 50% of SC 56, while Mitra Energy Ltd. and BHP Billiton International Exploration Pty. Ltd. each hold 25%.