Saudi Aramco’s chief has said a new “road map” is needed to help smooth the transition from fossil fuels to green energy.
Amin Nasser, the firm’s president and chief executive, said gradual improvements would “not be enough” and called for sweeping transformation.
Speaking at the 23rd World Energy Congress in Istanbul, Mr Nasser said the “Energy 2.0” road map should consist of three elements: investment in oil and gas supply, financial resilience and investment in technology.
Mr Nasser said supply would fall behind demand “over time” as new discoveries become more challenging and expensive to operate.
Current primary energy demand is 280 million barrels of oil equivalent, of which 80% is met by fossil fuels.
By 2040, that demand will be 360 million barrels of oil equivalent, with 75% met by fossil fuels, Nasser said.
He also said Aramco would sign preliminary agreements with Turkish contractors for construction work in Saudi Arabia.
At the same time, Aramco is looking into downstream opportunities in Turkey, he added.