Saudi Aramco president speaks at Society of Petroleum Engineers conference in Bahrain
Nasser said the energy industry is undergoing a transition that will see the planet become reliant on a wide array of energy sources, including oil and gas.
“The industry is transforming significantly with innovation and technological advancements driven by global challenges such as climate change,” Nasser said.
The world’s population is expected to grow from 7.3 billion in 2015 to 9.7 billion in 2050. While alternative sources of energy are increasing, they will not be capable of shouldering a significant burden of the global population’s energy demands. Oil and gas, therefore, will retain an influential place in the energy mix, Nasser said.
“Even as electric vehicles grow, a large number of vehicles will still be advanced conventional vehicles for quite some time helped by continued improvements in their mileage efficiency and emissions performance,” Nasser said.
Nasser said continued investment in oil and gas will be key to guaranteeing enough supply for current and future energy needs.
“If we proactively respond to the evolving challenges, I’m confident the industry will have a bright future,” Nasser said.