Riyadh hosts the third edition of the OAPEC symposium

A dialogue session entitled “Paths to the Future of Energy for All,” within the work of the World Petroleum Conference held in Riyadh, reviewed the importance of integrating energy sources to meet the growing demand due to urban expansion, achieving a balance between supply security, sustainability, and availability at an affordable cost, and the role of investment, modern technologies, and artificial intelligence in developing the energy system.

Participating in the session were the Assistant Minister of Energy for Petroleum and Gas Affairs, Eng. Mohammed Al-Ibrahim, the CEO of the Japan Cooperation Center for Petroleum and Sustainable Energy, Dr. Haruhiko Ando, ​​the Director of the Energy and Utilities Sector at the Public Investment Fund, Mohammed Al-Bulaihad, the CEO of Al-Fanar Engineering Services, Eng. Amer Al-Ajmi, and the General Manager of the Arab Lindell Basel Company, Dina Al-Khayal.

The participants explained that building successful paths for the future of energy is based on reliability of supplies and sustainability, taking into account the available resources and development priorities of each country, stressing that there is no one model that suits everyone, and the importance of benefiting from various energy sources and technologies according to the circumstances and needs of each country.

They discussed energy diversification efforts in the Kingdom, through expanding the use of gas and renewable energy, developing hydrogen projects, and replacing liquid fuels used in electricity generation with gas and renewable energy, which enhances the efficiency of using resources, increases their economic value, and makes additional quantities of oil and products available to global markets.

They stressed that global energy security is a shared responsibility that requires international cooperation, praising the Kingdom’s efforts to enhance energy security and its role as a reliable supplier to global markets, reviewing the East-West pipeline as an example of flexibility of supply.

They touched on the role of long-term contracts in the energy field in reducing market fluctuations, while remaining vulnerable to geopolitical turmoil and natural disasters, and the importance of diversifying energy sources and building sustainable partnerships, developing cooperation and developing human capabilities to enhance the ability to confront changes.

They demonstrated the possibility of combining the provision of energy at an affordable cost and achieving appropriate investment returns, through clear regulations, long-term contractual arrangements, and effective competitive frameworks, which contribute to reducing investment risks and attracting capital, while protecting the interests of consumers and providing better value to them.

They stressed the importance of developing reliable infrastructure that is adaptable to future technologies, enhancing early cooperation between utility companies, manufacturers and contractors, and standardizing specifications and localization of industries, equipment and technologies supported by innovation, research and development, to reduce costs, avoid rework and accelerate project implementation, while maintaining quality and value.

They reviewed the role of the oil and gas sectors in meeting needs as fuel and raw materials for daily products, and the importance of integration between them and the refining and petrochemical sectors to provide the necessary materials for urban expansion, infrastructure, and the transition to the use of electricity, and to increase the value of resources through product development, recycling, and reducing emissions, in a way that supports a sustainable energy future for all.