Aramco President & CEO Amin H Nasser has emphasised the importance of energy addition to meet rising global demand and Aramco's determination to remain dominant in oil.
In remarks at the Energy Intelligence Forum in London, UK, Nasser also highlighted Aramco’s long-term growth ambitions.
On a shifting energy transition narrative, Nasser said: “Much of the promised progress has not been delivered, with many unintended consequences. Thankfully, it is finally shifting the narrative in three key ways.
"First, while EVs and renewables are growing, they are not even covering demand growth and remain small in absolute numbers… In reality, this is not a true energy transition; it’s an energy addition which requires all hands on deck.
"Second, this reality is why every major forecaster is revising scenarios, with oil and gas locked in for decades, which I hope is the green light for long-term investments in both. Third, even in the Global North, the economic realities, technology limits, and public acceptance of the current transition plan are forcing some welcome policy U-turns.”
Aramco growth strategy
On Aramco’s growth strategy, Nasser said: “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry… We are accelerating in gas, as we have some of the world’s largest reserves, including significant potential in unconventional gas… And despite the current downturn, chemicals remain a key long-term growth area, with our proven strengths in both feedstocks and conversion.”
On Aramco’s deployment of advanced technologies, Nasser said: “We continue to deliver efficiency improvements, and are further reducing our upstream carbon and methane intensities. We are deploying AI at scale, backed by major investments in infrastructure and top talent, as well as a $7 billion venture capital program. Ultimately, our focus is on value as we invest in technology development, AI, and digital solutions… The same approach applies to our careful positioning in new energies, ready to scale up when commercially competitive. This balanced strategy is preparing us for a realistic future, delivering long-term value to our stakeholders and shareholders worldwide.”
The Energy Intelligence Forum is a premier annual event that brings together top experts from energy, politics, finance, and business to find solutions to industry challenges, share ideas, create partnerships, and help shape the future of energy. This year’s event focuses on protectionism’s impact on the energy system and the complexities of the energy transition. - TradeArabia News Service