“Business as usual cannot be our future model” - CEO Amin Nasser
As people involved in energy and chemicals production, we all know that our business is changing. And those with a clear vision, strategy, and ambition to transform how we manage existing resources and develop new ones will undoubtedly make a huge impact.
Speaking at the 23rd World Energy Congress in Istanbul, the Saudi Aramco CEO, Amin Nasser, set out our bold vision for the entire energy industry. With the theme “Embracing New Frontiers,” Nasser pinpointed the twin challenges of the energy industry; low oil prices and slowing global investments in oil and gas projects, which are tightening the supply-demand balance, before stating that investment will always be the answer.
Throughout a history that spans more than 80 years, Saudi Aramco has experienced several downturn cycles but always maintained a long-term view of energy investment, which, according to Nasser, is set to continue: “We will invest in our core oil and gas projects, and in downstream and chemicals. We are continuing to maintain our spare production capacity to help respond to unforeseen events, and help minimize their potential impact on the global economy. By doing so, we are playing our part in enhancing global energy security.”
As part of this, Nasser called upon all energy firms to embrace what he called “Energy 2.0,” characterized by three key elements:
“We must continue making adequate and timely investments in the supply of fossil fuels. At Saudi Aramco, we plan to invest more than $300 billion over the coming decade to reinforce our preeminent position in oil, maintain our spare oil production capacity, massively expand our conventional gas production, and exploit unconventional gas resources.”
“The industry must ensure a strong financial capacity and greater resilience by altering the underlying cost structure. Greater efficiency, cost competitiveness, and integration are critical imperatives.”
“Innovation and technology to make the use of ultra clean oil, as well as overcome the challenges faced by alternatives. When it comes to shaping the future energy landscape in a greenhouse gas-constrained world, we know that our approach must be industry-led, technology-driven, and have real commercial applications.”
Aiming to put action into words, Nasser took the opportunity of being in Turkey to announce 18 MOUs with leading Turkish construction companies – underlining the commitment to investment and vision for 2030.
Business as usual cannot be our future modelCEO Amin Nasser