ConocoPhilips to invest in oil, gas and renewable technology
Jim Mulva, company’s Chairman and Chief Executive, addressed the important role technology would play in helping ConocoPhillips achieve its plans. “We have a rich history in technological development devoted to the recovery of conventional resources, and we believe that further research is the key to unlocking the value of our non-conventional resources and advancing the development of alternative energy sources.” The company expects to spend approximately $400 million on technology in 2008, primarily to progress such technologies as reservoir imaging, steam-assisted gravity drainage, coal gasification, carbon capture and sequestration, cellulosic ethanol conversion, and refining processes. This also includes more than $150 million for research efforts focused on the development of non-conventional oil and gas resources and the development of new energy sources, such as alternatives and renewables. Additionally, ConocoPhillips plans to build both a state-of-the-art global technology center and a best-in-class corporate learning center on land recently purchased in Colorado.
“Further, we are investing strongly in our people by enhancing our efforts to recruit, retain and develop a highly capable, demographically balanced and diverse work force,” Mulva said. “We are making good progress, and our plans to develop both a technology center and a corporate learning center will help ensure our employees attain their maximum potential.”
Discussing other issues, Mulva said that, “To ensure that our business remains sustainable over the long term, we must operate safely and with environmental care, while also helping address the key challenges facing society. For example, society clearly needs to achieve energy supply security, as well as address the challenge of climate change caused by carbon emissions. We believe these issues are interrelated and must be solved together. Therefore, ConocoPhillips supports enactment of a comprehensive U.S. energy policy, and a mandatory national framework to reduce carbon emissions. Also, we are working to conserve and recycle more of the water used in our operations, and are funding research into new techniques that could utilize the water produced in association with oil and natural gas for agricultural and industrial applications.”
