Business
R&D: Exxon Mobil Spends $1bn Annually
Managing Director, ExxonMobil Mr Mark Ward yesterday said the company spent over one billion dollars annually on research and development on current oil technology.
Ward said this at the ongoing three-day annual international conference and exhibitions of the Society of Petroleum Engineers (SPE) in Abuja.
He said that ExxonMobil took a long-term approach to investment in technology, adding, “We believe that technology is critical to the continued success of the industry.
“It is a key foundation of ExxonMobil because it is critical for us to deliver technology innovations and improvements,’’ Ward said.
The Managing Director said that this would lead to increased supply of oil and gas needed to support economic growth in the years to come.
“Much of the earth’s remaining recoverable oil resources are found in complex geological formations, remote locations and under harsh conditions.
“We need leading-edge technologies to overcome these challenges and bring these abundant resources to the market,’’ he said.
Ward said that most forecasts showed that global energy demand would be 35 per cent higher in 2030 than it was in 2005, driven by the growth in population and economic activities.
He also said the forecasts indicated that oil and gas would continue to constitute 50 per cent of the global energy mix.
The Managing Director said that no other energy source could match their availability, affordability and scale.
Ward said that the solution to the challenge of satisfying future global demand lay in effective deployment of innovative technologies that guaranteed the full development of all resource types.
“ExxonMobil adopts an integrated solution approach which seeks to ensure that we meet these challenges at a cost that supports economic development and mitigates emissions and other environmental concerns.
“Technology not only expands the geological range of where we produce, but it also extends the types of supplies that contribute to meeting global demand.
“As we move toward 2030, we anticipate an increasing contribution from “frontier” hydrocarbon resources such as ultra-deep water and heavy oil,’’ Ward said.
Our correspondent reports that about 30 exhibitors, both indigenous and foreign were attending the 2011 SPE conference entitled: “Global Energy Dynamics: Challenges and Opportunities in the African Region’’.
The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.
The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA), said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.
Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.
“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.
He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.
According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.
“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.
Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.
He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.
“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.
He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.
“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.
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