Exxon Mobil testing commercial viability of algae biofuel as alternative energy source

09-Jun-10

Exxon Mobil Corp is testing the commercial viability of algae biofuel as an alternative energy source to supplement oil and natural gas. Although oil, coal and natural gas are expected to represent about 80% of global energy supply mix through 2030, nuclear and renewable energy such as wind, solar, geothermal and biofuels will play a significant role, ExxonMobil's senior vice president Andrew Swiger said. Global energy demand is expected to rise by almost 35% by 2030, from 2005 levels. "We are testing the hypothesis that algae biofuels could become commercially viable and achieve sufficient scale to make meaningful contribution to the future energy mix," he told the Asia Oil and Gas Conference in the Malaysian capital, adding that it is in this research, and the obstacles faced are formidable, but the potential is great.