VIDEO: Aramco’s Ashraf Al-Ghazzawi discusses our plan to balance investment at CERAWeek

How do we balance between investments in new oil and gas infrastructure and new technology to deliver lower-carbon energy solutions?

The video is blocked

You need to give permission

I see four distinctive competitive advantage aspects of Aramco. 


One, we have a proven long track record of executing very large and complex projects. 


We have a very strong and secure network of supply chains. We source a lot of the materials locally that we need for our projects. 


We've got a very robust financial condition. 


We enjoy a very robust and productive relationship with our regulator; it allows us to think long-term. 


Our portfolio, eventually, is going to evolve to be aligned with the global energy needs; so conventional energy will continue to be the bedrock of our portfolio. 


But with time, we’re going to be growing into new energies as well. 


We’re going to continue to invest in new oil increments. Our gas production is going to grow by 60% by the year 2030.


In downstream, we’re going to convert close to 4 million barrels of liquids to chemicals. 


And in new energies, we’re going to focus on renewables, hydrogen, as well as carbon capture and storage. 


We are a technology and digital company at heart. 

If you look at what we’re doing in upstream, in subsurface, we have a trillion cell simulator that helps us predict oil migration and optimum drilling and exploration activities. 


In downstream, we rely on digital and AI techniques to help us predict product demand, and price outlooks. 


We’ve launched what we call aramcoMETABRAIN, which is going to be one of the largest large language models in the industry. 


So, we’re really looking at digital and technology as an area that we’re going to grow further in the future. 


I think all of these factors combined help us deliver at scale, help us deliver on time, and at cost, even the most complex and ambitious projects. 


You are currently using an older browser. Please note that using a more modern browser such as Microsoft Edge might improve the user experience. Download Microsoft Edge