Interview: Exxon Mobil CEO Predicts Resurgence of Investment in Fossil Fuels

“It’s a question of how high prices eventually rise” to spur investment, says Exxon Mobil CEO Darren Woods.

Tom Wilson and Justin Jacobs, Financial Times
Interview: Exxon Mobil CEO Predicts Resurgence of Investment in Fossil Fuels

Darren Woods, CEO of Exxon Mobil, said the list of new oil and gas projects in the world was “thinner than it was in the past.” (Source: Hart Energy, Exxon Mobil Corp., Shutterstock.com)

Exxon Mobil’s CEO predicted a resurgence of investment in fossil fuel production as he blamed soaring oil and gas prices on pressure to move to cleaner energy at a time of relentless demand.

Darren Woods, the head of the biggest western oil and gas supermajor, said efforts to reduce emissions by cutting production before addressing consumption had left the world struggling to meet energy needs, pointing to an “optimistic view” about how quickly the energy transition can happen.

Governments had not only failed to deal “with the demand side of the equation” but also did not recognize “that you need a fairly robust set of alternative solutions if you’re going to reliably and affordably meet the needs of people”, Woods told the Financial Times.

Already have an account? Log In

Subscribe now to get unmatched and complete coverage of the Energy industry’s entire landscape!

View our subscription options
  • Access to site wide content
  • Access to our proprietary databases
  • Watch exclusive videos with energy executives
  • Unlimited access to an extensive library of Playbooks, Techbooks, Yearbooks, supplements, and special reports
  • Newly Added! Access to Rextag's Energy Datalink, containing extensive GIS databases of energy assets, production records, processing capacities, physical locations, planned projects, acquisition records, and much more.