VIDEO: Amin Nasser highlights our long-term priorities at FII9

FII 9th Edition

Amin Nasser
President and CEO

Oil and gas will continue to be a significant part of the energy mix for decades to come. That's not going to change.

That's where our investment is, and we are going to continue to grow our oil.

We still have a healthy maximum sustainable capacity. 

With gas, we are growing it by more than 60% over the next five years by 2030.

We are growing our renewables.

We are growing our liquids-to-chemicals, because of huge growth that we see in different markets.

So we are still investing in hydrocarbons, but what's different this time is also technology and AI, and digitalization.

We have a huge investment, and we are realizing a big value as a result of our investment over the years in digitalization and AI. 

If you look at it, everybody talks about AI, but with AI, you need to have a huge computing infrastructure.

In Aramco, over 90 years, we put tens of billions of dollars to build our infrastructure for computing.

We have many supercomputers and all our facilities and assets are connected through these systems. So we have built the system over the years.

But for that to realize value, you need the quality of data.

And this is what we have. And you need the talent.

The realized value in technology: In 2023, 2 billion dollars, in 2024, 4 billion dollars, and in 2025, the guidance going forward is 2 to 4 billion dollars every year.

Just half of that will come from AI alone, and the rest from digitalization.

So technology is a big enabler, it's transformative in nature, and we have invested over the years in building our technology hubs.