Affordability and supply security key to achieving energy transition: Aramco CEO

Amin H. Nasser, President and Chief Executive Officer of Aramco, has stated that the business is attempting to construct one of the largest hubs for carbon capture and storage in the world. Yet, worldwide carbon collection and storage must be scaled up. You can't get to negative net energy without scaling. I have faith that we will be able to accomplish that through the application of technology and creative problem solving.

Higher oil prices, increased sales volumes, and better margins on refined products drove the energy giant's net profit up 46.46 percent in 2022 to a record SR604.01 billion ($161 billion).

Nasser told Arab News at a press conference following the release of the financial results that a material transition backed by technological advancements and innovation is pretty much essential to achieve energy transition goals within the specified target time. 

We are spending a great deal of money on technology. The majority of our 12 international locations are dedicated to environmental preservation. In an interview with Arab News, he stressed the importance of material transformation for Aramco and other companies in order to realize the goals of climate change. 

He continued, "Aramco is heavily engaged in various sectors to reduce the costs. The retail price of green hydrogen and blue hydrogen is high. So, we're trying to figure out how to cut down on the time investment, and how to use technology to make the change cheaper.

Nasser, responding to a question about consumer demand, stated that the energy market is on the mend due to China's opening up, and that the industry is forecast to be in a state of near equilibrium through 2023. 

Whether or not we make a profit in 2023 will be entirely market-driven. And it's tough to estimate how much can be produced. Monthly output goals are communicated to us. Nasser told Arab News that the company is "cautiously optimistic" about its future prospects due to rising demand from China. 

He continued, "We are improving. Two million barrels is a reasonable estimate when factoring in China's opening, increased demand for jet gasoline, and dwindling spare capacity. Consequently, I believe that we can look forward to a short- to intermediate-term market that is stable and relatively unshakeable. 

He also said that Aramco is searching for global investment opportunities in liquefied petroleum gas, and that this is part of the company's larger strategy of expanding into new markets.