EQUATING supply to meet rising energy demand particularly in the industrialized nations and Asia is becoming increasingly challenging, ExxonMobil Corporation has said.

Rex Tillerson, the Chairman and Chief Executive of the world’s biggest oil company by asset base, noted that meeting the demand will not be easy as this will require “an integrated set of solutions that include improving efficiency, expanding supplies of all energy sources and mitigating emissions through a variety of approaches,”which he said will require trillions of dollars in long-term investments and constant technological innovation.

Mr Tillerson noted that the implications for the rising demand will be significant for all stakeholders.

In the case of Nigeria, where the Federal Government is seeking greater stake from oil and gas resources, which constitute the bulk of its revenue earnings amid strong resistance from multinational operators, part of the challenge for ExxonMobil will also include reducing flaring through continued investment in infrastructure.

Mr Mark Ward, the Lead Country Manager, ExxonMobil Affiliates, Nigeria (Esso Exploration and Production Company Limited; Mobil Producing Nigeria Unlimited; and Mobil Oil Nigeria Plc), in his remarks, affirmed ExxonMobil’s commitment to Nigeria for the long haul.

He said despite the global economic downturn, compounded by Nigeria’s peculiar security and policy-related issues, which contributed in changing the scope and structure of the oil and gas business in Nigeria, ExxonMobil was able to overcome these challenges and even made “tremendous progress in many areas” particularly with regard to production levels.

For instance, in 2009, ExxonMobil’s net production averaged at 391,000 barrels per day, while the corporation has already produced about 950,000 barrels in the first half of 2010 due to a combination of factors including production restrictions by the Organisation of the Petroleum Exporting Countries (OPEC).

Furthermore, ExxonMobil notes that government’s support, through the long term renewal of its oil leases under joint venture operations with the Nigerian National Petroleum Corporation (NNPC), will sustain its oil and gas investments in the country.

Mr. Tillerson said, “Meeting the challenge of sustainability requires that we effectively address complex environmental, economic, and social issues of our time, while delivering on our primary responsibility – finding and providing the reliable supplies of energy needed by future generations for progress and development.”