ExxonMobil has been the company to hate by environmentalists. ExxonMobil, the largest oil producer in the world has been one of the biggest polluters and had been troubling the climatologists over the issue. But, it took a giant leap to get the status of a go green company and was rewarded by Forbes magazine as the Green Company of the Year.
Recently, the company made an announcement that it would be investing around $600 million into Algae farms. This would help the sunlight to be converted into automotive fuel. There are questions over this move as to whether it can compete with the oil wells. But the news has really gone well with the environmentalists.
ExxonMobil will reduce the carbon matter in the atmosphere by drilling the natural gas. When considering per unit of energy delivered, Methane releases 40% to 50% less carbon dioxide as compared to coal and 25% less than petroleum. Coal accounts for half of the US power requirements. Replacing this with Methane would cut out about 1 billion tons a year of carbon emissions. This is really impressive!
Neil Duffin, president of ExxonMobil's project development company said that Natural gas was the only effective answer to green-energy-low-carbon concerns. ExxonMobil is completing a mega $30 billion project in the Persian Gulf State of Qatar. The company is developing the world’s biggest natural gas field. The strategy is to cool the gas into liquefied natural gas which will be done by four giant plants. The gas will be loaded onto the biggest thermos bottle tankers and will be shipped to ports around the world.
This mega project will boost ExxonMobils’s gas production to 9.9 billion cubic feet a day and hence, will place the company in pole position as the world’s biggest natural gas producer not owned by the Government. Qatar will contribute an estimated 7% of ExxonMobil’s pretax earnings which may round up to $55 billion. With such a giant leap in the natural gas business ExxonMobil has gone far ahead of its competitors.
