Saudi Energy Minister Prince Abdulaziz bin Salman emphasized that the Kingdom is working on three energy pillars: ensuring energy security, continuing economic development, and addressing climate change. During his speech at the start of the International Petroleum Technology Conference 2022 in Riyadh on Sunday, the energy minister highlighted the need to focus on these three pillars "without sacrificing one for the other."
Prince Abdulaziz reviewed some of Saudi Aramco's achievements, its transparency, and its success in handling various developments. He warned of challenges arising for policymakers due to rising prices, describing the campaign against investments in the oil and gas sectors as "short-sighted and one that will impact global welfare."
He reaffirmed the Kingdom's commitment to continue investing in oil and gas as well as new energy sectors, stressing that the world is going through an energy transition. "It is a mistake to focus on just one aspect, like renewable energy, because the world economy requires different energy sources for its development."
He noted that sustainability, considered the result of a circular economy, will depend on technology capable of ensuring an increase in demand for fossil fuels while addressing emissions through that technology. He emphasized the need to maintain the consensus-building mechanism provided by the OPEC+ group permanently, stating that without this group, many board chairs and CEOs in global oil companies would have disappeared or gone with the wind.
For his part, the Chairman of Saudi Aramco, Yasser Al-Rumayyan, confirmed that the energy transition requires enhancing all its sources, explaining that electric vehicles constitute less than 1% of the global fleet. Al-Rumayyan indicated during the conference that oil and gas are part of the global energy transition and will remain so for decades to come.
The conference featured participation from ministers, experts, and stakeholders from 70 countries, along with over 300 global companies, including 107 technical sessions presenting more than 800 scientific papers. The event is under the patronage of Crown Prince Mohammed bin Salman. Prince Abdulaziz bin Salman opened the conference held at the Riyadh International Convention and Exhibition Center, which this year focuses on the theme of enhancing global recovery through sustainable energy. Senior leaders in the energy sector from the region and the world will discuss shared visions and trends regarding the latest developments in energy fields and current and emerging technologies that will shape the future of the energy sector.
