Saudi Aramco will do whatever it takes to provide the world with a steady supply of energy for decades to come, senior vice president of Engineering and Operations Services Salim S. Al-Aydh assured attendees at the recent Cambridge Energy Research Associates (CERA) East Meets West Conference. Al-Aydh acknowledged that despite predicted energy demand growth of more than 50 percent by 2030, "details of the picture remain rather uncertain." "Regardless of the projections and the supply-demand scenarios," Al-Aydh stated, "I do believe that there will be adequate supplies of petroleum available for many decades to come. Around the globe, rig counts are up, announced refining capacity expansions in the next five years total some six million barrels per day, and shipbuilders are stretched to their limits because of new construction." Al-Aydh went on to outline what Saudi Aramco is doing to be part of the solution. He mentioned half a dozen major oil production projects currently in progress with a combined production capacity of three million barrels per day (mbd). Through overseas joint ventures, the company is expanding its worldwide refining capacity as well as preparing to build two new domestic export oriented refineries with a combined capacity of 800,000 barrels per day. Work on the refining/petrochemical integration project, PetroRabigh, is moving forward, as is construction of several new tankers for Saudi Aramco shipping subsidiary VELA. "The scale and complexity of these current and future projects are considerable, and the challenges we face are enormous," Aydh admitted. "However, given our combination of vast experience and know-how, qualified people and integrated project teams, and material resources and innovative processes, Saudi Aramco will meet those challenges, and reap the considerable opportunities that they represent." East Meets West: Ensuring Energy Security was CERA's 9th annual executive conference.
