Aramco President: We aim to increase sales gas capacity by 80% and are studying new paths to export oil

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Saudi Aramco's President and Chief Executive Officer, Eng. Amin Al-Nasser, said that the company aims to increase its sales gas production capacity by about 80% by 2030 compared to 2021 levels, in parallel with the Kingdom's expansion of renewable energy projects, within the framework of an integrated system aimed at enhancing energy security and supporting economic growth.

During his speech at the 25th World Petroleum Conference held in Riyadh, Al-Nasser stressed that the conference is being held at a time when the world is aware of the danger of continuing to deliver energy even while supply chains operate smoothly, pointing out that the navigation disturbances in the Strait of Hormuz and the attacks that targeted energy facilities in the region tested all elements of the global energy system.

He described the recent attacks as an unprecedented attack on the lifeblood of the global economy and on the Kingdom of Saudi Arabia and Aramco, expressing his solidarity with all those affected by those attacks.

He added that the pressure on global crude oil supplies has become extremely dangerous, at a time when the sharp rise in refined fuel prices increases the scale of the challenges, noting that the price of diesel currently stands at $200 per barrel.

He explained that land-based commercial stocks fell to less than 6 billion barrels, which represent the last line of defense for the markets, pointing out that the majority of these quantities are not available for immediate use, which means that the margin of safety provided by the stocks is no longer sufficient and cannot be relied upon as a permanent solution to energy security.

He pointed out that the continued restrictions on navigation in the Strait of Hormuz mean continued pressure on the energy supply chain, explaining that rebuilding stocks in parallel with meeting global demand may take up to two years.

Al-Nasser stressed that the energy system in the Kingdom continued to perform with high levels of reliability during the current crisis, expressing his gratitude for that, and praising the role played by the Saudi leadership in building long-term strategies that enabled the sector to face exceptional circumstances.

He also praised the role of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman, explaining that their vision contributed to formulating strategies for the energy sector and gave the company the confidence to implement strategic investments that help confront crises.

He also appreciated the leadership of the Minister of Energy, Prince Abdulaziz bin Salman, noting that he realizes the interconnectedness between the various elements of the global energy system and leads the sector steadily in the most difficult circumstances.

He praised Aramco employees, stressing that their skills, commitment and courage are what transform plans, technologies and facilities into real resilience when facing pressures.

Al-Nasser said that Aramco bears two basic responsibilities, the first of which is to provide reliable and affordable energy to customers inside the Kingdom and around the world, while the second is to support the sustainability of the energy sector on which the Saudi economy and its continued growth are based.

He explained that achieving flexibility requires planning, engineering, and implementation that long precedes crises, stressing that flexibility is not achieved through a single pipeline, facility, or technology, but rather through an integrated system that includes strict operational standards, excess spare capacity, diversity in export routes, and advanced digital protection in light of growing cybersecurity risks.

He added that the company is currently studying, in coordination with the Ministry of Energy, additional routes for exporting crude oil, and is also working to expand its storage capabilities outside the Kingdom.

He pointed to employing the latest advanced technologies to inspect facilities, accelerating repair operations, and returning facilities to service, in addition to maintaining financial strength that allows continued investment even during difficult economic cycles.

He stressed that the human element remains at the forefront of the strength elements on which the company depends.

He believed that the economic value of flexibility deserves greater appreciation, because the costs of enhancing it are borne by investing parties while its benefits extend to all economies, stressing that recognition of this value by markets helps to sustain the investments necessary to protect energy security.

Al-Nasser explained that the main gas network in the Kingdom represents a vital artery linking energy resources to the electricity system, water desalination, refining, petrochemicals, and the industrial sector, stressing that it continued to operate with high levels of reliability during the recent crisis.

He added that the company's refineries provide gasoline, diesel, jet fuel, liquefied petroleum gas, asphalt and industrial feedstock to the local economy, while the petrochemical business supports a wide range of industrial activities within the Kingdom.

He stressed that energy flexibility is not limited to exporting crude oil only, but also includes providing added value, creating jobs, and supporting the foundations of economic growth.

Al-Nasser pointed out that the sufficiency program, which was launched more than a decade ago, played a pivotal role in enhancing local resilience, explaining that more than 90% of the materials used in restoring businesses after recent damage were supplied from within the Kingdom.

He added that this enabled the company to return the affected facilities to work within hours and days instead of weeks or months.

He emphasized that localization becomes an economic value multiplier during crises, and constitutes an important source of self-strength, noting that building resilience takes decades, not just financial quarters.

Al-Nasser said that Aramco's strategy is consistent with the goals of Saudi Vision 2030, especially with regard to economic diversification, enhancing local content, expanding the industrial base, and creating jobs.

He explained that gas expansion forms an essential part of this strategy, as the company aims to increase sales gas capacity by 80% by 2030 compared to 2021 levels.

He added that the National Renewable Energy Program continues to accelerate the development of solar and wind energy projects, diversify sources of electricity production, and reduce emissions.

He pointed out that gas and renewable energy will together support the Kingdom's goal of generating electricity equally between the two sources by 2030.

He also revealed that the company continues to explore future opportunities in the fields of hydrogen, carbon capture, use and storage technologies, carbon circular economy technologies, artificial intelligence, and advanced digital technologies.

He stressed that these efforts contribute to expanding the Kingdom's capabilities and diversifying its options in the field of energy.

Speaking about the future of energy, Al-Nasser said that transformation paths will differ from one country to another, but oil and gas will continue to play a pivotal role in the global energy mix.

He added that the current crisis underscores the need for realistic, flexible and resilient transformation paths, especially in countries of the Global South that need reliable and affordable energy to support employment, economic growth and raise living standards.

He stressed the need to take these needs into account when formulating energy transition policies, stressing that energy poverty remains one of the biggest obstacles to growth.

Al-Nasser stressed that the Gulf region and the Middle East will remain a fundamental pillar of global energy security and economic prosperity.

He explained that the region contains about half of the world's proven oil reserves, in addition to more than 90% of the global reserve production capacity.

He said that markets may be able to change their suppliers, but they cannot change geography, noting that targeting energy infrastructure in the region reflects on the economies of the entire world.

He added that the Kingdom has invested heavily in protecting energy supplies, but protecting infrastructure and global trade and energy routes requires a joint international effort.

At the conclusion of his speech, Al-Nasser stressed that Aramco, thanks to the vision of the Kingdom’s leadership, has succeeded in enhancing flexibility internally and reliability externally through decades of investments and strategic choices, indicating that the company’s responsibility is focused on continuing to build an integrated energy system that combines oil, gas and renewable energy, and enjoys productivity in normal conditions, flexibility and the ability to withstand in times of crises.