Your Royal Highnesses. Your Excellencies. Ladies and Gentlemen. Good morning.
As IPTC Executive Committee Chairman, it is my pleasure to welcome you to Dhahran for IPTC 2024.
It has been two years since Saudi Arabia last hosted the IPTC, and the Committee has worked hard to ensure that this conference builds upon the impressive legacy of previous events so you can enjoy an engaging, challenging, and inspiring program.
But before we begin, I wish to express our profound appreciation to HRH Prince Saud bin Nayef Al-Saud, Governor of the Eastern Province. Without his patronage, none of this would have been possible.
I also want to convey my gratitude to HRH Prince Abdulaziz bin Salman Al-Saud, Minister of Energy, whose support has truly enriched our work. And, of course, thanks to each and every one of you, as you all bring something unique and valuable to the discussions.
Ladies and Gentlemen, much has changed since the IPTC last convened here.
The conflict in Ukraine disrupted the flow of conventional energy, which severely impacted supplies and prices; causing ripples throughout the global economy. When alternatives proved unable to meet demand, many policymakers understood what we have long known: oil & gas remain critical to the stability and security of the global energy supply.
Recent interruptions to shipping in the Red Sea also reinforce this point. These developments have prompted many countries to reexamine their energy transition plan, and we finally sense a shift towards a more balanced approach. One that recognizes the wisdom of building the new, before discarding the old.
Predictions about our industry becoming obsolete have been replaced by a much healthier debate around energy affordability, security, and sustainability. That is especially timely, because oil demand ended last year at a record high and is expected to grow even more in 2024.
The door is now open for our industry to show that we can not only deliver reliable energy today, but also contribute to the lower carbon solutions of tomorrow. All of us have a part to play in making a forward-looking oil & gas industry a reality.
The responsibility is on us to ensure the world has a secure supply of affordable energy through timely investment in oil & gas while lowering the carbon emissions of conventional energy through technology and innovation.
Our shared mission is to reduce emissions and pave the way for a more sustainable energy system. In other words, to achieve an “emissions transition” rather than an “energy transition.”
To achieve this, there are a number of new cutting-edge technology tools such as: generative AI, the Industrial Internet of Things, digital twinning, and powerful supercomputers. It is vital that our industry harness their full potential.
As Aramco works towards a more sustainable future, we know many of you are doing the same. We are eager to hear your ideas and collaborate. That is what makes IPTC so invaluable, and why we are so delighted to host you here this week.
So, before we start, I want to again express my thanks to the IPTC Executive Committee and sub-committees for their efforts of arranging this forum. And we are indebted to our volunteers from around the world for their dedication and support. As well as to our speakers, exhibitors, and sponsors for their tireless work in creating a unique & memorable program.
I wish you all a thought-provoking, collaborative, and productive IPTC.
Thank you.