Aramco CEO in call for ‘ultra clean energy’

Aramco CEO in call for ‘ultra clean energy’
“We must continuously remind all our stakeholders that we are a global industry at the cutting edge of science, technology, engineering and logistics, supported by a complex global supply chain,” Nasser said. (AFP)
Updated 11 September 2019

Aramco CEO in call for ‘ultra clean energy’

Aramco CEO in call for ‘ultra clean energy’
  • Oil giant chief takes aim at climate change deniers during global oil industry gathering in Abu Dhabi

ABU DHABI: There is no limit to the oil industry’s potential if it can meet society’s demand for “ultra clean” energy, Amin Nasser, the president and chief executive of Saudi Aramco, told delegates at the World Energy Congress in Abu Dhabi.

“The world faces an incredible climate challenge and we need a bold response to match. In my view, that means the entire industry must come together around a new mission beyond our gates of making oil and gas much cleaner across the full spectrum of end-use applications,” Nasser said.

His comments were seen against the background of Aramco’s long term strategy to be regarded not just as a pumper of crude oil, but as a diversified high technology energy group with a strong sense of corporate social responsibility. Nasser spoke recently of a “crisis of perception” in the oil industry.

“We must continuously remind all our stakeholders that we are a global industry at the cutting edge of science, technology, engineering and logistics, supported by a complex global supply chain,” Nasser said.

In an apparent swipe at climate-change deniers, he hit out at those who do not recognize the need for alternatives to hydrocarbon fuels to meet rising global energy demand. 

“Many governments are adopting policies that do not appear to consider all the complex aspects of global technology, the long term nature of our business, and the need for orderly transitions — policies that seem to assume there are quick and easy answers to the many challenges that alternatives face,” he said.

Nasser added that throughout Aramco’s history, it had a competitive edge in four key areas: Resource abundance, safe production, reliable supply and affordability. “But meeting society’s expectations requires a fifth. Quite simply, our products need to be much cleaner,” he said.

He added that the world was “at a turning point” in the search for cleaner forms of energy. “The good news is that we are not starting from scratch,” he said, highlighting Aramco’s halt to gas flaring, its low upstream carbon intensity, and low methane levels by industry standards.

He also underlined Aramco’s commitment to a range of technologies with transformative potential for the whole global oil industry, like advanced integrated engine fuel systems and carbon capture techniques.

“This is the latest turning point in our history, and we must, once again, lead the turn,” Nasser said.

 


OPEC+ compromises on oil supply increase

Updated 16 min 38 sec ago

OPEC+ compromises on oil supply increase

OPEC+ compromises on oil supply increase
  • Members acknowledge the ‘extraordinary efforts’ of Saudi energy minister

DUBAI: The world’s biggest oil producers have reached a compromise agreement on the supply of crude oil for next year, in an attempt to ensure an ongoing recovery in markets that remain fragile as a result of the COVID-19 pandemic.
After a week of online deliberations, OPEC+, the alliance of producers led by Saudi Arabia and Russia, agreed to increase output from January by only 500,000 barrels per day — significantly less than the 2 million barrels originally planned.
The new levels will be subject to monthly monitoring by OPEC+ ministers, chaired by Saudi Minister of Energy Prince Abdul Aziz bin Salman, and could be increased or reduced according to market conditions.
Details of the compromise deal were agreed upon after long discussions among 23 producers, organized from the Vienna home of the Organization of Petroleum Exporting Countries.
The participants acknowledged the “perseverance, diligence and extraordinary efforts” of Prince Abdul Aziz in helping to combat the effects of the pandemic on global energy markets.
Some exporters had argued that the fragile demand for crude meant the full 2 million-barrel increase — as scheduled in the historic agreement last April that is credited with dragging oil prices back from decade-long lows — should be delayed for a further three months.
Others — most notably the UAE — took a more positive view of demand in the months ahead.
The compromise arrangement was hammered out against a background of rising oil prices after news of effective vaccines lifted economic prospects. Brent crude stood at close to $49 as the OPEC+ meeting closed.
Energy experts welcomed the deal. Robin Mills, chief executive of consultancy Qamar Energy, told Arab News: “The plan to make modest monthly increases makes sense. It does not overwhelm the market, gradually regains some market shares, and can be adjusted according to progress on vaccines.”