At WEF 2017‭, ‬Saudi Aramco CEO outlines the future of energy

wef-2017-saudi-aramco-ceo-outlines-future-of-energy
Speaking during a panel session at the World Economic Forum in Davos on Tuesday, Amin Nasser discusses the global transformation taking place in the energy industry. He noted that renewable energy will not supplant oil and gas in the energy mix in the near future.

Oil and gas will continue to play a significant role in the future energy mix for decades to come as the world transitions to a sustainable energy future, president and CEO Amin Nasser told senior international government officials and business leaders at the World Economic Forum (WEF) yesterday.

Speaking at one of the panel sessions under the theme “Strategic Update: The Future of Energy,” Nasser said the global energy industry is undergoing a long-term transition brought about by climate change concerns, technological advancements, and government policies.

Energy transition: building resilience

Nasser outlined several scenarios for the global energy market, concluding that renewable energy will not supplant oil and gas in the energy mix in the near future.

“I agree that there is a global transformation that is currently underway, and it is putting a lot of pressure on the oil and gas industry and the petroleum industry, mainly also because of climate change and government policies and technological advancements,” he said.

He identified two major energy areas where alternative energies are competing for market share — electricity generation and renewables, and light-duty transportation vehicles and electric vehicles.

I think hydrocarbon resources will be with us for decades‭. ‬There will be an expansion needed in the sector‭, ‬and there will need‭ ‬to be a lot of capital to meet demand predictions for 2040‭ ‬and 2060‭. ‬

Amin Nasser, Saudi Aramco president and CEO:

Oil and gas will continue to play a significant role in the future energy mix for decades to come as the world transitions to a sustainable energy future, president and CEO Amin Nasser told senior international government officials and business leaders at the World Economic Forum (WEF) yesterday.

Speaking at one of the panel sessions under the theme “Strategic Update: The Future of Energy,” Nasser said the global energy industry is undergoing a long-term transition brought about by climate change concerns, technological advancements, and government policies.

Energy transition: building resilience

Nasser outlined several scenarios for the global energy market, concluding that renewable energy will not supplant oil and gas in the energy mix in the near future.

“I agree that there is a global transformation that is currently underway, and it is putting a lot of pressure on the oil and gas industry and the petroleum industry, mainly also because of climate change and government policies and technological advancements,” he said.

He identified two major energy areas where alternative energies are competing for market share — electricity generation and renewables, and light-duty transportation vehicles and electric vehicles.