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.