Oil to Maintain Crucial Role in Global Energy Mix

Oil will maintain its key role in the global energy mix for the foreseeable future, despite the increasing growth of renewables, said the president and CEO of Saudi Aramco at a major energy conference in the US city of Houston.

“The growth of the world’s population requires the continuing development of several types of energy sources simultaneously,” added Amin H Nasser, addressing an audience of energy executives, experts, government officials and policymakers at the annual CeraWeek conference, Oil and Gas News reported.

He highlighted that Saudi Aramco is actively pursuing and investing in innovative and promising new technologies and initiatives, not only in oil, but also in its multiple uses, such as in transportation, petrochemicals, advanced materials and in carbon emissions reduction. Nasser noted that strong economic growth in emerging and developing markets, an additional two billion energy consumers by 2050, in addition to new non-combustible uses for oil, will continue to drive demand for hydrocarbons.

The Aramco chief added that the resulting transition to sustainable energy will be lengthy and complex, which alternative sources cannot adequately support.

“It is particularly encouraging to see expectations of stronger economic growth in the emerging and developing markets because that is where most oil demand growth is expected to be,” he said.

“We see huge potential in producing advanced materials for use in a wide range of high-growth industries like automotive, construction and housing, as well as in our own industry.”

Nasser called on the energy industry to take bold action in four key areas to ensure that global oil and gas demand continue to be met in the years ahead, which included expanding exploration, offsetting declines in legacy fields, new and continued investment, as well as enhancing and creating new game-changing technologies.

The theme of this year’s CeraWeek was “Tipping Point: Strategies for a New Energy Future". The year marks the 37th anniversary of CeraWeek, an energy conference ranked among the top five “corporate leader” conferences in the world, providing insights and critically important dialogue on the future of the energy industry.