Energy alternatives cannot replace oil and gas overnight, says Aramco chief – The National

Energy alternatives cannot replace oil and gas overnight, says Aramco chief – The National

Alternative energy sources will not be able to replace oil and gas overnight as part of the world's energy transition efforts, with additional hydrocarbon investment required to meet growing demand, Saudi Aramco's chief executive has said.

Investment in oil and gas has fallen sharply, with upstream investment at about $400 billion in 2022, less than half of the peak in 2014, Amin Nasser said at the Saudi Capital Markets Forum.

“The primary reason: pressure from multiple directions to discontinue all new investments in oil and gas. Pressure based on what I strongly believe are flawed assumptions and arguments,” he said.