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Unleashing Innovation To Meet our Energy and Environmental Needs | ExxonMobil Page 4 of 12
Innovation Transforms the World
As this audience knows - and the world has come to recognize, we are
living through a period of extraordinary transformation in the energy
sector.
Global energy markets have begun to reflect a fundamental and farreaching
realignment of energy supply and demand.
Decades of sustained investment, innovation, and collaboration across
the industry have opened up resources from offshore deepwater and
ultra-deepwater. Constantly advancing technologies have made it
possible to develop oil sands safely and responsibly. And most recently,
new technologies and techniques pioneered by our industry made it
possible to unlock vast new supplies of oil and natural gas from North
American shale.
The result of these innovations has been a growth in energy supplies that
few would have imagined even a few years ago.
However, this growth in new supplies from stable areas comes just as
economic growth in both developed and developing economies has been
sluggish. And this is moderating energy demand.
The convergence of these two market trends has led to a significant
downturn in the commodity cycle.
None of us can know how long it will last, but we know what it means for
our businesses: We must operate more effectively and efficiently than
ever before.
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