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Exxon Mobil Corp. (XOM) Andrew Swiger says oil-drilling rules change may harm growth in the industry.

By Robert J. Steiner for CEOWORLD Magazine Updated:June 7, 2010

Exxon Mobil Corp. (XOM) senior vice president Andrew Swiger also said it is premature to speculate on changes to legislation to deepwater drilling in the aftermath of BP PLC’s (BP) oil spill in the Gulf of Mexico.

“We need to guard against premature reactive changes to legislation that may not in the longer term be helpful but detrimental to the industry,” Swiger told a news conference at an industry meeting in the Malaysian capital.

“It is too early to speculate on any changes to legislation until the investigation is complete.”

Earlier, Swiger tried to dispel the notion that the E&P industry’s environmental standards are inadequate while addressing the 15th Asia Oil & Gas Conference: “The reality is that our industry has consistently improved environmental performance while working in increasingly challenging locations…Some claim the era of easy oil is over. In fact, it never really began,” he said. “Our oil industry has only made it look easy over decades.”

As demand for petroleum increases, producers have had to continually exploit previously untapped sources, he said.

Global energy demand is expected to increase by more than 35% by 2040 compared with 2005, led by growing demand from developing countries from regions such as Asia, he said, noting that between 2005 and 2030, energy demand in non-OECD (Organization for Economic Cooperation and Development) countries is expected to grow by 65%, while growth in the OECD will remain essentially flat.

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.

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