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