Saudi Aramco: The Future of Oil and Gas - GineersNow Petroleum Saudi Aramco, The Future of Oil & Gas Industry | Page 35

Sustained investment in
the supply of oil & gas
Nasser says that one of the integral
components of the new age of energy
is the timely and adequate investment
towards a secure supply of oil & gas.
Saudi Aramco exemplifies this in its
continued, albeit prudent, investment
in its core oil & gas projects, and in the
downstream and chemicals, amidst
challenging times. “We continue to
maintain our spare production capacity
to help respond to unforeseen events,
and help minimize their potential
impact on the global economy,”
says Nasser. “By doing so, we at
Saudi Aramco are playing our part in
enhancing the energy security of our
global consumers.”
“Our investments,” adds Nasser,
“continue to be driven by our long-term
focus.” He further reveals that Saudi
Aramco plans to invest more than USD
300 billion over the coming decade to
reinforce its pre-eminent position in oil,
maintain its spare production capacity,
and pursue a large exploration and
production program focusing on
conventional and non-conventional
gas resources.
In addition, Saudi Aramco continuously
grows its refining capacity to more
than five million barrels per day
currently, and to 8-10 million barrels
by 2030. It also plans to ramp up its
share of chemical production capacity
across its global operations, from 12
million metric tons per year to over 34
million over the same period.
“Although alternatives and
renewables face hurdles,
their role will steadily grow,
as the world moves towards
a new energy era driven
by the Paris Agreement on
climate change”
Saudi Aramco’s sustained investment
in its operations ties in well with its
citizenship initiatives, which aim to
create opportunities that help people
add value to their communities, their
families and their own lives. In ensuring
the constant development of its oil
& gas resources and the reliable and
timely delivery of its products, Saudi
Aramco encourages companies
in Saudi Arabia and elsewhere to
invest in projects that grow their
business and, hence, create career
opportunities for citizens. By building
additional integrated refining and
chemical facilities and conversion
parks, the company contributes
to the diversification of the various
economies and to the creation of
additional business prospects for allied
suppliers.
Sufficient investment in
research, innovation and
technology
The passage to the new era will
prompt energy and oil & gas
companies to make smarter choices
on how they produce, utilize and
capitalize on vital energy resources.
Research and investment in new
technologies can help in delivering
greater levels of operational
efficiency, enhanced performance
and environmental benefits. Thus,
in recognition of this, Saudi Aramco
operates on the leading edge of
science and creativity, bringing to life
ideas and concepts that make energy
more beneficial and sustainable.
“At Saudi Aramco,” says Nasser, “our
goal is to become the world leader
in cutting-edge energy, chemical and
clean fuel technologies that boost
efficiency, reduce cost and minimize
emissions.” In order to achieve this,
the company leverages its talent pool
and expertise, forge strategic alliances,
and invest venture capital in solving
some of the world’s most difficult, but
exciting, energy challenges.
photo credit: Shutterstock
Oil & Gas Leaders • April 2017 33