Aramco CEO: Future Generations to Rely Mainly on Fossil Fuels

Aramco CEO: Future Generations to Rely Mainly on Fossil Fuels

Saudi Aramco, Tuesday, September 14, 2010 

Khalid A. Al-Falih, president and chief executive officer of Saudi Aramco, delivered the keynote speech "Accessibility and Acceptability: Striking the Balance for an Optimal Energy Future" at the 21st World Energy Congress in Montreal, Canada. 

In his keynote speech, Al-Falih addressed the global challenges confronting the energy industry and the need to provide affordable energy for future generations. He stated with a pragmatic yet optimistic note, "The forces of progress and development will be sustained in the future, and our planet's population will grow in the coming decades.

 

Consequently, we will have to meet the world's increased energy needs, and do so in the most responsible manner," Al-Falih said.

 

Al-Falih stressed that the world will continue to rely on traditional fossil fuels to power economic development for decades to come. It is important to note, he added, that investments in the development of petroleum and in the technologies to make it affordable have helped to generate an unprecedented century of progress and prosperity.

 

Future generations would need all types of energy sources, and while the development of alternative and renewable energy sources is required, Al-Falih said that a pragmatic approach is necessary to create realistic and rational models of sustainability for future generations.

 

In that regard, he called for a multi-faceted framework, which better captures the practical reality of acceptability. In his speech, Al-Falih shared Saudi Aramco's experience and its wide range of activities and contributions in upstream, downstream, research and development to meet the world's energy's challenges today, tomorrow and for future generations.

 

Throughout its more than 75-year history, Saudi Aramco has continued to promote a strong culture of operational excellence, environmental stewardship and safety in all aspects of its operations, Al-Falih said in his address to an audience of key world energy industry leaders.

 

"Over the next five years, we are undertaking perhaps the most ambitious capital program in the petroleum industry, with an increasing proportion of those funds directed to the gas and downstream oil sectors," he elaborated.

 

"The positive impact of these massive investments will continue to be felt for many decades, and our capital program is designed to allow us to play our role vigorously and responsibly in furthering the supply of vital hydrocarbons to the world," Al-Falih added.

 

In his closing remarks, Al-Falih lauded the World Energy Council's work in furthering the global energy dialogue and told the delegates that today's decisions and actions must seriously consider long-term implications, and those actions must achieve the best possible optimal balance and results to benefit the greatest number of people around the globe.