‎Aramco considers energy sector needs realistically: Nasser

‎Aramco considers energy sector needs realistically: Nasser

The Saudi Arabian Oil Co. (Saudi Aramco) is considering the energy sector realistically, President and CEO Amin Nasser told the MENA Climate Week 2023.

He added that the company plans for the sector based on its future needs.

Aramco aims seeks to remove carbon from traditional energy sources, in addition to building renewable energy sources.

The traditional energy is the company's main project in the market, as it constitutes nearly 95% of the basic energy supplies, Nasser said, indicating that renewable energy is witnessing remarkable growth, but it started from a low base, representing around 5% of the basic energy at present.

He stated that Aramco recorded methane emissions of 0.06, which is well below the global industry average of 0.36. In addition, the company reduced CO2 emissions to around 10.3 kg per barrel of oil equivalent, compared to the industry average of 38 kg.

He added that the company plans to reduce emissions further by 2030 through investing in hydrogen, renewable energy sources, as well as carbon capture and storage, as a sustainability fund worth $1.5 billion was established to support these initiatives.

The oil giant plans to reach net-zero emissions by 2050 and reduce the carbon intensity of methane and carbon dioxide emissions by