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Nasser (right) and Reif shake hands after signing the agreement

Nasser (right) and Reif shake hands after signing the agreement

Aramco investing in new technologies

HOUSTON

Saudi Aramco is actively pursuing and investing in several innovative and promising new technologies and initiatives, not only in oil, but also in its multiple uses, such as in transportation, petrochemicals, advanced materials, as well as in carbon emissions reduction.

Speaking at the annual CeraWeek energy conference in Houston, President and CEO Amin H Nasser said: "Oil will maintain its key role in the global energy mix for the foreseeable future, despite the increasing growth of renewables. The growth of the world’s population requires the continuing development of several types of energy sources simultaneously."

In a special address before an audience of energy executives, experts, government officials and policymakers, 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. He added that the resulting transition to sustainable energy will be lengthy and complex which alternative sources cannot adequately support. "It’s particularly encouraging to see expectations of stronger economic growth in the emerging and developing markets because that’s where most oil demand growth is expected to be," Nasser said. He also addressed growing demand for non-combustion uses for oil and gas: "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," he said.

Saudi Aramco CEO warned against some misconceptions around the future of oil, such as an impending peak demand. He explained that these erroneous and misleading notions are sending negative signals which do not encourage investment in hydrocarbons needed to meet future demand. He reassured that the market’s fundamentals are healthy, despite fluctuations, expressing his confidence that global oil demand will continue to grow and that oil will maintain its preeminence in the global energy mix for the foreseeable future.

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.

Meanwhile, Aramco Services Company (ASC), the North American arm of Saudi Aramco; and the Massachusetts Institute of Technology (MIT), has entered into a new five-year $25 million collaboration targeting new research and development (R&D) in the fields of sustainable and renewable energy; advanced materials; carbon capture, utilization, and storage; environmental sciences; energy storage; water conservation and reuse; advanced materials; and cutting edge technologies including computational modeling, artificial intelligence, robotics and nanotechnologies.

This new collaboration, was reaffirmed at The Innovation to Impact Forum in Boston, in the presence of Crown Prince Mohammed Bin Salman who is on a visit to the US. Aramco became a founding member of MIT Energy Initiative (MITEI) in 2012.

Present during the event was Saudi Aramco’s CEO together with MIT President L Rafael Reif.




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