Saudi Aramco President: Oil industry poised for new Golden Age

December 9, 2011

The oil industry is currently poised to enter a new golden age, President and CEO of Saudi Aramco Khalid Al-Falih emphasized during a speech to the 20th World Petroleum Conference in Doha on Tuesday. In light of key international developments, including the faltering pace of renewable and alternative energies, economic uncertainty and a shift in environmental policies, oil will be the world’s primary energy source for years to come, he said.

Al-Falih asserted that the petroleum industry can help billions around the world achieve prosperity and improve their living standards. “When I speak about a ‘renaissance’ for our industry, I’m not talking about another decade-long boom where we spend more and make more,” he said. “Rather, I am referring to an era where we fulfill our commitments to humanity while also meeting our obligations to the natural environment.” Al-Falih laid out four key tenets that should serve as guiding principles for the petroleum industry as it attempts to come up with long-term sustainable solutions: stamina, technology, people and responsibility.

However, Al-Falih warned, “While many of the conditions for a new ‘golden age’ are in place, there is nothing inevitable about business success for our companies or greater prosperity for the stakeholders we serve.” He called upon the global oil industry to develop solutions that will help the world’s population, nurture a new generation of young talent, and create technologies to make energy cleaner and more efficient.