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Aramco CEO calls for credible global energy transition plan

Aramco CEO calls for credible global energy transition plan
Amin Nasser, President and CEO of Aramco
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Riyadh – Mubasher: Amin Nasser, President and CEO of the Saudi Arabian Oil Company (Aramco), urged policymakers and every stakeholder across the globe to unite the world around a much more credible new energy transition plan.

During his keynote speech at the Schlumberger Digital Forum on 20 September, Nasser said: “As the pain of the energy crisis sadly intensifies, people around the world are desperate for help.”

He elaborated: “That is how we deliver a more secure and more sustainable energy future.” 

Aramco CEO mentioned three pillars to be central to the response, including a statement by policymakers and stakeholders regarding an ongoing long-term need for supplies of ample and affordable conventional energy.

Nasser also urged global leaders for further reductions in the carbon footprint of conventional energy, in addition to greater efficiency of energy use, which should be both applied through technology.

The third and last pillar the CEO mentioned was new, lower carbon energy that steadily complements proven conventional sources.

Nasser further said: “When you shame oil and gas investors, dismantle oil- and coal-fired power plants, fail to diversify energy supplies (especially gas), oppose LNG receiving terminals, and reject nuclear power, your transition plan had better be right.”

He added: “Instead, as this crisis has shown, the plan was just a chain of sandcastles that waves of reality have washed away. And billions around the world now face the energy access and cost of living consequences that are likely to be severe and prolonged.”

The official also pinpointed the importance of more investments in the oil and gas sector, stating: “A fear factor is still causing the critical oil and gas investments in large, long-term projects to shrink. And this situation is not being helped by overly short-term demand factors dominating the debate. Even with strong economic headwinds, global oil demand is still fairly healthy today.”

Nasser noted: “But when the global economy recovers, we can expect demand to rebound further, eliminating the little spare oil production capacity out there. And by the time the world wakes up to these blind spots, it may be too late to change course. That is why I am seriously concerned.”

During the first half (H1) of 2022, Aramco generated net profits worth SAR 329.67 billion, compared to SAR 176.91 billion in H1-21.