False who believes that the future of the oil and gas industry m years

During the speech delivered by Nasser International Oil Week in London

"The energy sector faces a major challenge in correcting a stereotypical and ubiquitous stereotype among policymakers, investment institutions, NGOs, and large segments of new generations who believe that the" energy sector "is the only one of its kind. The future of the oil and gas sector is a few years old, "said Prince Hassan, chief executive officer of Saudi Aramco. Threatens many challenges that affect its long-term role and limits the feasibility of its investments and development.

This came in Al-Nasser's speech at London's International Petroleum Week.

"During the last month of the World Economic Forum in Davos, financial experts predicted the end of the oil and gas sector in 5 to 10 years and others expected all the vehicles that crisscross World streets are turning into electric cars in 10 years.Today, electric vehicles represent only a very small percentage of less than half of the world fleet.

"Many major investors believe that the world will use renewable sources of energy without the use of renewable energy sources in an unreasonable amount of time.This perception is extremely flawed and is not based on facts or reasonable grounds. This indicates that many of the owners of these ideas can be launched in good faith, but they spread false perceptions, not factually based, between individuals and investors.

He explained that a fact that is not sufficiently emphasized, even assuming that all vehicles are converted into electric vehicles, represents only 20% of the world's crude oil requirements, the remaining 80% being destined for others. sectors, such as heavy transport, such as aircraft, ships, trucks, petrochemicals and lubricants, which have no other practical solution in the foreseeable future, with the exception of oil.

Al-Nasser said that solar energy and wind power currently account for only 2% of global energy needs, despite the positive evolution of the world, but that it will still take years before the energy mix reaches large proportions.

In recent years, oil companies have significantly improved their efficiency, safety record, environmental performance and ability to contribute positively to climate change by reducing emissions. Saudi Aramco has been cited as an example among the countries where it produces the lowest percentage of carbon intensity generated by its production, transportation and manufacturing, as well as by the international cooperation of oil and gas companies in combating climate change. climate change.

The chief executive of Saudi Aramco and its managing director have called on his counterparts in the energy sector to correct misconceptions about those who question the sustainability of the oil and gas industry.

In conclusion, Mr. Nasser emphasized the need for the energy sector to better understand the carbon footprint of its products and to do so quickly. He emphasized that the energy sector should be at the forefront of global industries in terms of reliability, sustainability, work ethics, transparency and innovation, and strengthen its capacity to communicate with communities to see their true willingness to participate in development and create development opportunities for individuals and communities.