On behalf of HRH Crown Prince, Minister of Energy Inaugurates IPTC 2022 in Riyadh

Riyadh, Feb. 21 2022, SPA -- On behalf of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, inaugurated the 2022 International Petroleum Technology Conference (IPTC), in the presence of a number of princes, excellencies and those interested. In a key opening speech, the Minister of Energy stressed that this year, the conference focuses on promoting global recovery through sustainable energy, stating that the Kingdom seeks to ensure the immunity of the three pillars of the energy world i.e. the security of necessary energy supplies, continuous economic development by providing reliable energy sources, and facing climate change. He underscored that these three pillars must be observed without sacrificing one for the other. He noted the role of OPEC and non-OPEC producing countries (OPEC Plus) in securing an unprecedented achievement in global energy markets, at a meeting held at the beginning of 2020, which, he said witnessed a distinctive model of cooperation and joint work in order to organize the largest supply cut in history. He said that this procedure successfully led to achieving its goal of stopping the dangerous and unprecedented decline in global energy markets. Since the summer of last year, we have developed a careful and balanced plan to restore supplies to meet the increasing needs of the global economy that is recovering, he said, adding that the frequency of OPEC Plus meetings shows its serious commitment to managing dynamic and unpredictable events transparently. The Minister of Energy warned that the sharp decline in investment in oil and gas threatens energy security, stating that there is a real danger. The danger is that the world will not be able to produce all the energy it needs to promote recovery, he said. "This has exacerbated the uncertainty and contradictory signals in policy-making in some parts of the world", he stated. This lack of investment harms the interest of energy consumers, and creates challenges for policy makers by increasing prices and raising concerns related to shortage of supplies, he said, indicating that the campaign against new investments in oil and gas has a short-term outlook, and its negative effects on the recovery of the global economy and the welfare of families have begun to appear. For this reason, we in the Kingdom continue to invest in clean oil and gas and expand our production capacity, he added. With regard to sustainability, the Minister of Energy said that it is a natural result of the circular carbon economy framework that the Kingdom advocates and enjoyed the support of the leaders of the G20, stressing that the energy transition is accelerating, but focusing on only certain elements of this transformation such as renewable or alternative energy would be another fatal mistake. He indicated that energy security requires that the world continue to use all energy options, including hydrocarbon resources, which have driven economic development for centuries, but at the heart of this strategy lies a challenge related to how to supply hydrocarbon fuels and at the same time reduce greenhouse gas emissions, noting that technology is an essential pillar to meet this challenge. He reiterated that innovative technology will be essential in implementing the Green Saudi Initiative, which aspires to generate half of the domestic electricity need from renewable energy by 2030 and reach zero carbon emissions by 2060. For his part, the Chairman of the Board of Directors of Saudi Aramco Yasir bin Othman Al-Rumayyan, extended his appreciation of and thanks to His Royal Highness, Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, for sponsoring the 2022 International Petroleum Technology Conference, and also to Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, for his unlimited participation and support. He indicated that the world suffered, during the last period, from the impact of the coronavirus pandemic, learning the lesson of perseverance and steadfastness , noting that the world is currently witnessing the stage of recovery from the pandemic, praising the efforts made by Saudi Aramco in reducing carbon emissions and working towards achieving zero emissions. He praised the efforts of employees who have many innovations in many areas, including technology, making it a factory of ideas. He noted that Saudi Aramco is interested in the artificial intelligence of its facilities, and has research centers related to the exploitation of storage and projects that can reduce carbon dioxide and its emissions, which equals more than tens of millions. It is also working on developing the technology related to reducing carbon emissions, and is interested in nanotechnology, which plays an important a role in reducing costs, he said, noting that Aramco has long term investment plans, and looks forward to having new uses of oil and gas through many resources, and through the stocks that it owns with the aim of being the leader in terms of hydrocarbon economy. Al-Rumayyan indicated that the International Petroleum Technology Conference will discuss many innovative ideas related to petroleum industries, and will also discuss new technologies and ideas with the aim of having zero emissions, stressing the importance of establishing an industry based on solving problems and providing solutions that the world needs. In turn, the Senior Vice President for Exploration and Production Department of Saudi Aramco, Nasir Al-Naimi, who is also Director of the Organizing Committee of the International Petroleum Technology Conference, expressed his appreciation of and thanks to His Royal Highness Prince Mohammed bin Salman bin Abdulaziz, Crown Prince, Deputy Prime Minister and Minister of Defense, for sponsoring the 2022 International Petroleum Technology Conference, and to Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, for their unlimited support. Al-Naimi stressed that petroleum technology faces many challenges, as the corona pandemic has changed the world economy, and provided many opportunities to work on recovering the economy from the pandemic, indicating that the world needs a lot of innovation now more than ever, noting that the International Conference on Petroleum Technology Petroleum 2022 depends on many volunteers around the world. For his part, the Director-General of the Board of Directors of the International Petroleum Technology Conference 2022, Adif Zulkifli, explained that the conference’s distinction stems from the excellence of its supporters, as it receives support from professional associations, who enjoy a great vision related to oil and gas, considering the Kingdom’s hosting of the conference an important event given the fact that the Middle East and the Near East contain a diversity of oil and gas resources, the demand for which is increasing, he said. He noted that the conference will set goals to eliminate carbon emissions, which cause climate change, so that there will be energy sustainability in the future, and find solutions that would commensurate with the stage of change. --SPA