ExxonMobil explores algae biofuels as alternative energy

ExxonMobil Corp. is testing the commercial viability of algae biofuel as an alternative energy source to supplement oil and natural gas, a senior executive said. 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. “It is early days in this research, and the obstacles we face are formidable, but the potential is great,” Swiger said. He said Exxon currently has an interest in 4,900 megawatts of cogeneration capacity at more than 30 sites worldwide. New facilities under construction in Singapore will boost that capacity to more than 5,000 megawatts by next year. (June 7, 2010)