Energy transition plans need to be 'more realistic': Aramco CEO 

Nasser also highlighted that, while EVs and renewables are growing, they are not even covering demand growth and remain small in absolute number. “Even in the Global North, the economic realities, technology limits, and public acceptance of the current transition plan are forcing some welcome policy U-turns,” said Nasser.
 

On Aramco’s growth strategy, Nasser said: “We are determined to remain dominant in oil thanks to a massive resource base, low costs, and one of the lowest upstream carbon intensities across the industry.”
 

“We are accelerating in gas, as we have some of the world’s largest reserves, including significant potential in unconventional gas,” according to Nasser.
 

He also noted that, despite the current downturn, chemicals remain a key long-term growth area, with Aramco’s proven strengths in both feedstocks and conversion.
 

On Aramco’s deployment of advanced technologies, Nasser said: “We continue to deliver efficiency improvements, and are further reducing our upstream carbon and methane intensities.”
 

“We are deploying AI at scale, backed by major investments in infrastructure and top talent, as well as a $7 billion venture capital program,” he added.
 

Nasser further said that his company is working on carefully boosting its position in new energies, noting that it is ready to scale up when commercially competitive. “This balanced strategy is preparing us for a realistic future, delivering long-term value to our stakeholders and shareholders worldwide,” he continued.