per-day crude oil project as an example, he explained that staying the course on investments is imperative for long term success and not be undermined by short term vulnerabilities. With the typical project cycle being in the range of 10 to 15 years, in addition to the volatility in the oil markets, projects have become more complex, he added. “I'll be the first to acknowledge that adhering to that long-term view isn't easy when the financial markets demand short-term results, and yet I believe it is critical if we are to bring this new golden age to fruition.” Companies are changing the way they operate, he added, as rapid advances are being made in technology, while a demographic shift is occurring with experienced engineers and specialized personnel retiring and a higher number of younger employees entering the industry with greater expectations and aspirations to make a difference. “There is both challenge and opportunity in this transformation: the challenge of transferring hard-won expertise to a new generation, and the opportunity of capitalizing on the different and exciting skill sets, expectations, and worldview of this rising generation of young men and women,” Al-Falih said. To connect with younger employees, he added that Saudi Aramco has established a Young Leaders Advisory Board (Y-LAB) to hear their views, ideas and insights. Al-Falih said that companies should go beyond annual environmental sustainability reports to broaden their engagement in social and economic areas of employment and entrepreneurship. In closing, Al-Falih said the industry can't do it alone in achieving the four tenets, and called for “cross-boundary collaboration” with companies outside of the petroleum industry to meet long term challenges.
