10 million barrels per day : Saudi Aramco ’ s target refining capacity by 2030 photo credit : Shutterstock
In line with the company ’ s global goals are its efforts at home . Saudi Aramco champions educational programs and initiatives , especially in Science , Technology , Engineering and Maths ( STEM ), as it believes that they foster creativity and innovation among Saudi ’ s youth . It is also opening doors to local breakthrough technologies by enhancing the Kingdom ’ s research and development capabilities , and promoting the localization of Saudi Arabia ’ s energy services sector . It continues to provide financial support to trailblazing energy start-ups , which fosters a local culture of innovation and technological entrepreneurship .
Among Saudi Aramco ’ s focus areas are providing reliable access to more affordable energy , reducing carbon dioxide emissions , realizing more fuel-efficient vehicles , creating nextgeneration materials that make lighter and stronger consumer products , and conserving water resources .
“ Technological advances will help us raise the aggregate recovery factor of our major producing reservoirs to 70 %, and increase our oil resources by 100 billion barrels to reach 900 billion ,” says Nasser , and adds that the company is focused on solutions across the entire spectrum of carbon issues . “ Our work ranges from collaborative research with automotive manufacturers on integrated fuel systems of the future and carbon capture and storage , to our pioneering work on turning CO2 to sustainable polymers and chemicals .”
In addition , Saudi Aramco is spearheading its crude-to-chemicals initiative , which aims to eliminate the entire refining step of the process .
“ We believe ,” says Nasser , “ that when it comes to shaping the future energy landscape in a greenhouse gasconstrained world , our approach must be industry-led , technology-driven and commercially viable .”
Paving the Way for Alternative Energy
The world ’ s transition to alternative sources of energy is inevitable . But until the contours and substance of the alternative energy future are assured , says Nasser , retaining the insurance of proven energy sources is the smart play .
He advocates continuous technology investments to overcome technical and economic hurdles facing alternatives , which will lead to groundbreaking enhancements . Moreover , he espouses a prudent deployment of alternative energy technologies to allow them to gradually but steadily assume a greater share of the global energy burden , without causing disruption and economic hardship .
Amidst the fleeting and challenging environment , Saudi Aramco strives to remain committed to its avowed responsibility of bringing energy to the world and true to its core belief that energy enables opportunities . Playing an essential role in leading the world to its final energy destination , Saudi Aramco continues to pursue new frontiers that it must ultimately embrace . Catalyzing the transformation that the energy industry needs in the face of the looming transition , Saudi Aramco continues to redefine the way it operates to deliver the secure , equitable , and sustainable energy future the world needs .
10 million barrels per day : Saudi Aramco ’ s target refining capacity by 2030 photo credit : Shutterstock
34 Construction Leaders • April 2017