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ExxonMobil CEO: World Has Decades of "Sufficient" Oil

Source: www.gulfoilandgas.com 8/22/2006, Location: North America

The world will have adequate crude oil supplies in the decades to come as developments in technology push back the frontiers of oil exploration and production, said Rex Tillerson, the chairman and chief executive of ExxonMobil Corp.

"There are sufficient supplies for decades to come," said Tillerson, speaking at an offshore oil and gas conference here. he said that technology allowing oil companies to drill deeper and further would ensure that consumers will have no shortage of supplies.

"We constantly underestimate the potential of technology," Tillerson said.

Tillerson pointed to estimates from the U.S. Geological Survey, which in 1950 had the world's recoverable oil supplies of around one trillion barrels, but they now stand at around three trillion barrels.

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