VIENNA — Despite the growth of alternative energy, oil and gas will continue to be essential, according to Saudi Energy Minister Prince Abdulaziz bin Salman. “Oil and gas will remain indispensable, especially in hard-to-abate sectors like heavy industry, transportation, and in supporting economies of developing countries,” he said during the opening session of the 9th OPEC International Seminar in Vienna on Wednesday, despite the growth of renewable, nuclear, and hydrogen energy sources.
A diverse spectrum of industry executives are taking part in the two-day event, which has as its topic “Charting pathways together: The future of global energy” and includes exhibitions, ministerial sessions, and high-level roundtables.
Saudi Arabia is using a consistent and logical approach that strikes a balance between vision and execution, Prince Abdulaziz said. “Sustainability must be understood more comprehensively to include economic and commercial dimensions, not just environmental ones,” he stated.
To achieve the necessary balance, the minister emphasised the importance of technology, particularly carbon capture and storage technologies, which are crucial in reducing emissions without compromising economic competitiveness.
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