Saudi Aramco`s Al-Falih speaks at Oxford Energy Seminar 3 Oxford

One of the things that make Saudi Aramco work well is its
relationship with the government, Al-Falih said. And that works well
because of the clarity of roles and responsibilities, Al-Falih was
quoted as saying in his address by Saudi Aramco's web-site.

“The Ministry sets policy, including fiscal regime; makes decisions
on production levels; and sets the nation’s overall hydrocarbon
policy,” he said. “Meanwhile, the company focuses on implementing
those policies and meeting the broad umbrella objectives set by the
government, all while balancing the international, national and
commercial priorities I addressed earlier. … In my view, this
symbiotic relationship has been one of the major factors in Saudi
Aramco’s success over the years.”

In the big perspective, Al-Falih said, “It is our task to gain
clarity about the forces, trends and issues that lay before us, and
to establish clear criteria by which they can be identified, assessed
and related to one another. We have to exercise control within our
spheres of influence — using key enablers like the Three Ts. … Above
all, we must have a clear vision of our organizations’ role in the
industry, and indeed in society, because only then can we as leaders
take tough decisions about the trajectory of our business and the
direction of our companies or institutions.”

These difficult issues are among the most complex and important
challenges in the world. “But in my view, that simply means that
there is no more challenging or exhilarating industry than petroleum,
no more essential driver of prosperity and development than the
energy which we provide, and no profession that is as satisfying and
rewarding as that of the oil man or woman.”

--SPA