Saudi Aramco CEO: Oil and gas industry facing "a crisis of perception"
Amin Nasser gave a speech on the industry, and its future, at International Petroleum Week in London
Saudi Aramco CEO Amin Nasser told attendees of International Petroleum Week in London that the oil and gas sector is facing a "crisis of perception with multiple stakeholders," Reuters reported.
Specifically, he spoke about the belief among industry stakeholders that the oil and gas sector would have no future--Several analysts have forecast peak oil demand as environmental regulations tighten and focus move to renewable sources of energy.
He said that this“puts our ability to supply ample, reliable, and affordable energy to billions around the world at risk,” by limiting financing options for oil and gas companies, according to a report by the Financial Times.
Governments, climate activists and organisations have increasingly pressured oil and gas companies to limit their impact on the environment, and the world's largest energy companies have responded by placing emission reduction targets and even linking environmental target achievement to executive pay.
However, Nasser said that demand for oil and gas is growing, with transportation and petrochemicals two key verticals fuelling that growth--two sectors where subtitutes for fossil fuels are not readily available or easy to develop.