Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, has called for greater flexibility, advance planning and sustained investment in energy infrastructure to help countries navigate crises and safeguard global supplies.

Speaking during a ministerial dialogue titled “Perspectives on Global Oil and Gas Markets” at the 25th WPC Energy Congress in Riyadh, Prince Abdulaziz stressed the importance of maintaining a broad range of options and preparing for multiple scenarios before disruptions occur.

The session featured Algeria’s Minister of State, Minister of Hydrocarbons and Mines Mohamed Arkab; Nigeria’s Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri; and OPEC Secretary General Haitham Al Ghais.

Saudi Arabia is hosting the congress for the first time in its more than 90-year history.

The event runs through October 15 as part of Energy Week in Riyadh.

Prince Abdulaziz said effective responses to energy crises depend on recognising potential threats to energy security and supply in advance, with the necessary plans and capabilities already in place when challenges emerge.

He noted that the energy sector had demonstrated resilience in overcoming successive challenges over recent decades, but described the current crisis as unprecedented in its duration, citing the circumstances facing the sector over the past eight months.

Balancing energy security and net-zero ambitions

Addressing the energy transition and long-term investment in hydrocarbons, Prince Abdulaziz said the priority should be to balance energy security, sustainability, price stability and affordability rather than treating net-zero commitments as an isolated objective.

He cautioned that overlooking economic fundamentals and energy security requirements could raise operating costs and increase exposure to emergencies.

A more flexible approach, he said, would allow countries to pursue sustainability goals while responding to changing market conditions and maintaining reliable supplies.

The minister also highlighted Saudi Arabia’s efforts to expand renewable energy, battery storage and other emerging energy technologies alongside its position as a leading oil producer.

He said the Kingdom was achieving competitive costs across these areas and intended to continue expanding its capabilities to meet future demand, including additional electricity requirements associated with artificial intelligence.

Algeria advances exploration and gas exports

During the dialogue, Arkab expressed Algeria’s solidarity with Saudi Arabia and condemned attacks against the Kingdom, affirming his country’s support amid the current circumstances.

He said Algeria was advancing energy infrastructure projects aimed at increasing production and expanding crude oil transportation and refining capacity. The initiatives are intended to strengthen domestic downstream industries while contributing to stability in global oil and gas markets.

Arkab noted that emerging economies continued to drive energy demand, particularly for natural gas, and outlined Algeria’s plans to launch a 2026 exploration and production licensing round covering seven promising hydrocarbon areas.

The round builds on the investment framework established under Algeria’s 2019 Hydrocarbons Law, which seeks to attract international partners and increase investment in the sector.

He added that Algeria was exploiting around 47 per cent of its mining domain, leaving considerable scope for further exploration and production.

The country is also working to expand its gas export infrastructure and improve connectivity with European markets.

Arkab said feasibility studies for the Trans-Saharan Gas Pipeline had been completed and implementation work along the route had begun.

The project is designed to transport 20 billion cubic metres of gas to Europe, with the potential to increase capacity to 30 billion cubic metres.

Nigeria highlights reforms to attract investment

Nigeria’s Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, highlighted the strategic partnership between Nigeria and Saudi Arabia and outlined reforms undertaken by his country over the past three years.

He said structural and regulatory changes were aimed at attracting domestic and international investment in exploration and production, strengthening export capacity and ensuring the sector could respond to market requirements.

The discussions underscored the importance of infrastructure investment, production capacity and policy flexibility in meeting future energy demand while protecting supply security.

Across the session, participants highlighted the need for continued investment in oil and gas alongside the development of renewable energy and storage technologies, as countries respond to market uncertainty, evolving consumption patterns and the growing energy requirements of emerging technologies. -OGN/TradeArabia News Service