Aramco CEO says higher capital cost in oil, gas sector to weigh on supply at reasonable prices

12/02/2023 Argaam

Aramco CEO says higher capital cost in oil, gas sector to weigh on supply at reasonable prices

Amin H. Nasser, President and CEO of Saudi Aramco

The cost of capital is now higher in the oil and gas industry and will weigh on the availability of sufficient supplies at reasonable prices in the future, said Amin H. Nasser, President and CEO of Saudi Aramco.

 

“This will negatively affect global energy security,” he said in a speech at the Saudi Capital Market Forum 2023 in Riyadh.

 

Despite the significance of oil and gas industry, its investments have more than halved, compared to the past 10 years, due to pressures related to climate change, Nasser noted.

 

Capital markets should adopt a balanced outlook for the energy transformations, and not to be impacted by non-credible views, the CEO added.

 

The capital markets can finance energy projects in the oil and gas sustainability field, such as carbon capture and storage, as well as the hydrogen projects, which are still globally underfinanced, Nasser said.

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