IPTC 2020 Speech

[M009-01] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:00:18 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

You have to bear with me; I need to change my glasses and change my outlook, as I heard in some of the speeches they were not only inspiring but energizing. Before I start, I would like to do the usual thing, and in my personal view, the honorable thing; what I see in front of me, is an honorable audience, and the honorable thing to do is to say thank you to those who spent a lot of time preparing for this event, laboring hard to put this to the Aramco’s standards that we know and to the young women, men and volunteers, So if you can please join me with a standing ovation and a clap for them.

[M009-02] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:01:56 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Trust me, to those who are below 30 with me, Amin and Yaseer, we, many of the mature and young audience, would not be here energized, if it was not for the drive that we want to be assisting you, finding your way into the future. Without much ado, and I have a lengthy speech commensurate with the event and commensurate with the very person who is inspiring everything here yet we see, his name is Crown Prince Mohammed bin Salman.

[M009-03] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:02:48 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

I am particularly honored to participate as his placement, although as I can see him today in ALULA, attending to one of his projects, and to the many projects that he take up close and personal, I was particularly honored to be his replacement of his inability to attend. However, I am sure that in after two years I will see him being here celebrating with you in another successful event. Without much ado, as it is already been ado.

[M009-04] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:03:50 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Excellences, distinguished guests, ladies and gentlemen, we have our conference patron His Royal Highness, Prince Mohammed bin Salman, Crown Prince and Deputy Prime Minister and Minister of Defence. It is a great pleasure to welcome you all in the Kingdom of Saudi Arabia. I am delighted that such a major event for the oil and gas sector is taking place in the kingdom. I hope you get a chance to explore some of the natural beauty, and experience some of the fabled hospitality this great nation is renowned for.

[M009-05] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:04:34 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

I am particularly pleased that this esteemed conference will be hosted in the Middle East, in Saudi Arabia, in Dhahran, the global hub of the world energy industry. It is the ideal location to discuss the world energy industry and reflect on the future of this crucial sector and given the conference focus and technology, it is an even better matching taking into account, that the Kingdom has hugely ambitious agenda and vision and the leading role that the entire Saudi energy industry will play in global prosperity, global prosperity and sustainability for decades to come.

[M009-06] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:05:30 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

I would like to start by highlighting the history and pivotal role the Kingdom has played had played over the last 80 years, before setting out where we see the future of energy heading and how we can achieve the vision, our vision, Saudi Arabia’s vision and Prince Mohammed’s vision, starting in 1938, when the first gusher of the famous well no. 7 of Damaam, we struck a few kilometers from where we are here, the kingdom had played a major role in the energy market and has been a pillar of stability.

[M009-07] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:06:24 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

We contributed to the most transformative economic growth in the second half of the 20th century, pulling billions out of poverty, increasing life expectancy by more than 15 years. Oil has been the key to growth and prosperity for all nations. Throughout the stability of oil market and ensuring reliable supply has been a paramount and there are there was no more reliable and responsible supplier than Saudi Arabia. When the Kingdom oil industries infrastructure was attacked few months ago, we acted rapidly and maintained stable oil supplies to ease consumer concerns and to protect the global economy.

[M009-08] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:07:21 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

This episode demonstrated the resilience of Saudi Arabia energy sector, the leadership, long-term strategic vision and highlight high quality of Aramco management and workforce. As tension remain high in our region, the kingdom will continue to do all what can do to ensure a stable oil market. As the world embark on technical revolution of unprecedented scope and complexity, which some refer to as the fourth industrial revolution, the kingdom is setting the pace in energy transition and we hope that the rest of the industry will follow our lead with the same vigor.

[M009-09] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:08:31 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

It is in this spirit when His Royal Highness the Crown Prince unveiled his plan to list Saudi Aramco, we were confident that the listing process, would shine a brighter light and highlights Saudi Aramco capabilities and amazing record of achievement. We were confident that Aramco would pass the most rigorous audit and comply with the highest standards of any regulatory framework or in the worldwide framework, while also achieving a valuation as the great company in the world. In fact, the kingdom oil and gas reserves were thoroughly audited and by independent auditors. We announced a historic upward revision of the Kingdom Reserves and we believe that this process was a step in the right direction.

[M009-10] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:09:49 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

We call on the other national oil companies to follow the same path and bring their reserves to the same level of disclosure, in order to position themselves competitively in this coming transformation, because there can be no doubt about our most pressing mission. We face the challenge of our lives to reduce the carbon footprint of the energy sector and energy products. As Yasser was saying a while ago; we in the Kingdom share global society goal of low carbon future, and see it as the key to a healthy, long-term future for the oil and gas industry. Science, technology and innovation will clearly be the game changers.

[M009-11] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:10:50 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

I am proud that the kingdom is already leading an intensification of the global effort, through the combination of energy price reform, implementing one of the most ambitious energy efficiency programs in the world, enhancing the efficiency of our power plant and changing the mix of our power sector toward cleaner fuel by displacing almost all liquid fuel by cleaner gas, and with our ambition, renewable and alternative energy targets will be ensuring the sustainability of our energy needs and requirements.

[M009-12] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:11:38 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

In fact, the kingdom reduced its carbon intensity by about 8% between 2012 and 2018. I keep reiterating the number and I will continue to reiterate the number, because we do what we say. Alone, the kingdom reduced CO2 and emissions by 22.7%, which is the fourth greatest reduction in greenhouse gases among the G20 countries, as a result of the world class integrated reserves management, investment in infrastructure, R&D, technological development and innovation.

[M009-13] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:12:17 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Saudi Aramco upstream carbon intensity in the kingdom is also one of the lowest in the world, at about ten kilograms of CO2 equivalent per barrel of oil equivalent, and it is just 0.06 methane intensity last year. It is one of the lowest in the industry and a clear sign of its commitment to eliminate global flaring. Last year Saudi Aramco joined the World Bank Zero Routine Flaring by 2030 Initiative, because we are very comfortable that we can achieve that.

[M009-14] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:13:19 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Despite this impressive record, we always challenge ourselves to achieve even more; with the help of big data and artificial intelligence, we will continue to improve efficiency and safety and enhance the productivity of our operation to strengthen our global leadership in the oil and gas industry. The Fourth Industrial Revolution Center opened recently here in Dhahran, by Aramco, as well as the center of the Fourth Industrial Revolution Center created jointly by CAC and the World Economic Forum, shows our commitment and determination to be the leaders in cutting-edge digital technology, which will transform the technical skills of our workforce and the operation performance of our industry.

[M009-15] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:14:21 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

This transformation are occurring within an entire ecosystem that emphasizes the research, development, innovation, human capital building and promoting of culture of scientific research, as well as incorporating new discipline in university curriculum. I am very proud that there are now courses in Saudi universities that focused on energy efficiency and many of the topical issues that we are facing now and will be facing in the future. Saudi universities and research institutions such as King Fahd University of Petroleum and Minerals, King Abdullah University of Science and Technology are undertaking and groundbreaking research and constantly developing innovation upstream and downstream technology to come up with products that are affordable and sustainable. A challenge that we are willing to take and will continue to take, because it is our means to evolve with using our hydrocarbon resource.

[M009-16] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:15:50 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Moreover, companies like Saudi Aramco and SABIC are making similar investment in R&D to lead the way in developing cleaner technologies for sustainable energy future. Crucially, the kingdom is committed to the framework of Circular Carbon Economy; our new baby; our new adventure, with the aim to reduce, reuse, recycle and remove emissions. This new approach to energy sustainability will transform how the world view carbon, and consequently the petroleum industry.

[M009-17] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:16:37 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

The Ministry is creating an ecosystem of relevant stakeholders that include KAUST, KAPSARC, definitely Aramco and SABIC along with the other Proponents that we contribute to this endeavor, to spearhead the development of a framework. Putting all this together, you can see we are attaching such high importance to these issues during our presidency of the G20 this year; but it is not going to stop in the G20, it will continue with us for even beyond the G20.

[M009-18] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:17:23 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

For me, the key to all of this transformation is human capital, new technologies, digital revolution and the machines are all key to the progressive our societies, but without human capital, the full potential of these new technologies and knowledge revolutions cannot be unleashed. This is why I have no doubt that the biggest challenge focusing our industry is to make sure that the young generation can be excited about energy and show young people that our industry is at the cutting-edge of technological innovation and the digital that it will contribute to resolve one of the greatest challenges facing our society. This is not an easy task, especially that the competition for talent from other industries is fierce.

[M009-19] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:18:33 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Collectively, the energy industry need to think and work hard to find ways to enable young talent people and provide them with the foundation to be able to contribute to the greatest transformation in history. In closing, I would like to address the young Saudi men and women and their counterparts globally; in the past decades, the energy sector has witnessed more changes than the industry has experienced in the past 50 years. Whether we are talking about machine learning, artificial intelligence, the fourth Industrial Revolution, robotics data, data mining, horizontal drilling and smart metering, it has been a decade of change.

[M009-20] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:19:33 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Investing in human capital in our young men and women is crucial at this juncture in history. We need to encourage young Saudis to pursue stimulus. Disciplines of study that and provide lifelong learning opportunity, both at workplace and through online courses and certainly lifelong job opportunities.

[M009-21] · سمو وزير الطاقة (HRH the Minister of Energy) · التوقيت 00:20:05 · IPTC 2020 Speech · 2020-01-13 · مشاهدة عند هذا التوقيت

Our ambition, vision, excitement and determination is to lead this transformation and transition with all its challenges and opportunities, have no limit and hope this will inspire you to attend to these challenges and strive to solve them in this conference and the future of the IPTC events. To closing, it will be my honor and privilege, if our young women and men can honor me, at the end of the day, of taking a joint picture with them. Thank you very much indeed.