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ExxonMobil CEO Darren Woods has warned that the energy giant may withdraw from the European Union if the bloc enforces its new Corporate Sustainability Due Diligence Directive (CSDDD) without major revisions. The proposed legislation would require companies to identify and mitigate human rights and environmental risks throughout their supply chains and align their operations with the Paris Agreement’s 1.5°C climate target. Noncompliance could result in fines of up to 5% of a company’s global revenue.
Speaking at the ADIPEC conference in Abu Dhabi, Woods criticized the EU law as regulatory “overreach,” saying it would force ExxonMobil to apply stringent environmental standards to its entire global business, not just its European operations. He described the directive’s requirements as “technically unfeasible” and warned of “disastrous consequences” for global energy supply chains if implemented as written.
ExxonMobil has joined other major energy producers in lobbying European lawmakers to revise or withdraw the directive. Woods said that while EU officials have been open to discussions, no meaningful changes have been made. “It’s muddling the language up and increasing exposure,” he said, emphasizing that excessive regulation risks stifling Europe’s economic growth.
Qatar’s energy minister, Saad al-Kaabi, echoed similar concerns, warning that his country might reconsider liquefied natural gas (LNG) exports to Europe if the law remains unchanged. Qatar currently supplies up to 14% of Europe’s LNG, a critical source following Russia’s 2022 invasion of Ukraine. “Europe needs gas from Qatar, the U.S., and others,” al-Kaabi said, urging the EU to reconsider its stance.
Meanwhile, ExxonMobil recently signed a preliminary deal to help Iraq develop its massive Majnoon oilfield, signaling its return to the country after a two-year absence. Woods confirmed negotiations are ongoing to finalize a profit-sharing agreement in line with industry standards.
