What are the key challenges facing the industry these days?
As the world continues to grow economically and use more energy, we will need more oil and gas. We not only need to replenish the [production] base, but we also need to grow the supply. Another challenge is [the] natural gas [supply crunch in North America]. A key to solving the natural gas problem will be the evolution of LNG [liquefied natural gas] in the U.S. Q: So, how does the industry meet the challenge of replenishing production while meeting future demand? A: That’s a long-term problem that requires successful exploring. It also involves technical and financial skills. It’s about our ability to find oil and gas on terms that are economic. You have to understand that to get anything done in this business takes several years. You can’t wake up one morning and say I’m going to go find more oil or natural gas. The time scale this industry operates on is different from other industries. It’s a long-term business, so you have to make bets early. Q: And where has ExxonMobil been placi
