VIDEO: How do we meet the world’s energy demand while lowering the carbon footprint for our oil and gas?

Fahad K. Al-Dhubaib, senior vice president of Staregy and Market Analysis

As far as Aramco, we’re doing a lot.

We are obsessed day and night with two main objectives.

Number one: Meet the continuous and growing energy demand. What we have been seeing is energy addition, not energy transition.

And the other aspect is: How can we lower the carbon footprint of our oil and gas?

I’m proud to say that our upstream carbon intensity is among the lowest among oil and gas producers.

Our methane intensity is among the lowest.

This is as far as what we’re producing today.

In addition, we have a very ambitious new energies agenda.

We are developing renewables. We are developing one of the biggest carbon capture hubs in Saudi Arabia (with a capacity of) around nine million tons per annum by 2027.

We are in hydrogen. We had the first blue ammonia shipment to Japan and to Asia.

So, we’re exploring every possible pathway to the future of energy transition while continuously focusing on the affordability and availability of conventional energy.

And we’re not stopping there.

We’re doing a lot through our venture capital fund. It’s around seven billion dollars. We’re investing it in energy storage, we’re investing it in every form of energy and not only in oil and gas, and we’re seeing a lot of progress on that front.

Our research and development portfolio: 60% of what we’re investing in is in sustainability.

So, we are a vehicle that can help the world explore and exploit all aspects of a holistic approach to tackling the energy transition.