Why Aramco CEO Amin Nasser Calls for a Transformation of the Oil and Gas Sector

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“As it stands, $1 trillion in costly, challenging and marginal resources may be delayed or canceled by the end of this decade. Yet, long-term investments must be maintained to develop new capacity and keep technology on track,” Nasser added.

The Technology Race is On

The second point which interlocks with resilience is technology where the research and development, as well as innovative capabilities of industry players have always been the upstream’s driving force.

“Clearly innovation can’t stand still – but it also can’t just plod along. We have to push the envelope. Saudi Aramco is doing just that as part of our strategic intent to become a global, integrated energy and chemicals company – which places a huge growth emphasis on an area where we were already strong,” he said.

Can a Reformed Oil Industry Reclaim the Forefront of Energy?

Nasser wrapped up the final two points of the strategy – talent and collaboration as being the human touch and momentum enabler which completes the package. He said that investing in technology and research to solve E&P’s big challenges also calls for investing in the people who will develop and use these tools. One prime example he cited was the collaboration between Saudi Aramco and King Fahd University of Petroleum and Minerals to establish their new College of Petroleum Engineering & Geosciences.

Nasser was among the top global oil and gas industry executives and technical experts who spoke at the event, held at the Dubai World Trade Centre from 26–28 September. More than 500 Saudi Aramco delegates from the upstream business line and other organizations attended the event.

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