(Bloomberg) — Exxon Mobil Corp. Chief Government Officer Darren Woods renewed criticism of the European Union’s vitality insurance policies whereas praising U.S. President Donald Trump’s method.
The Texas oil and gasoline big is slowing funding in Europe and promoting property, with Woods describing the bloc’s local weather and human rights laws as “slowing issues down and making an attempt to over-prescribe unpractical” options.
He was underlining sturdy criticism he directed final month on the EU’s ”bone-crushing” Company Sustainability Due Diligence Directive.
In distinction, Trump has introduced a “extra balanced dialog” and “a really specific recognition of the important position that vitality performs in financial progress and in individuals’s on a regular basis prosperity,” Woods stated on stage on the Power Intelligence Discussion board convention in London on Monday.
Even with this political backing, Woods informed the viewers that Exxon is anxious that progress in U.S. shale oil output is about to say no. This might change if firms can discover ways to extract greater than 10% of the oil held inside shale reservoirs — roughly the present price of restoration, he stated.
Exxon’s return to Iraq, the place it signed a deal associated to the Majnoon oil discipline final week, nonetheless has a “lengthy highway forward for us earlier than something involves fruition,” he stated.
