Here are some key takeaways from the opening sessions of the Energy Exports Conference (#EEC23) this morning in Aberdeen at P&J Live, featuring insights from Ahmed Alkhunaini, President & CEO of Aramco Overseas Company, and Ken Gilmartin, CEO of Wood:
Stuart Broadley, CEO of the Energy Industries Council (EIC), posed the question: Is meeting the 2050 net-zero target possible? His answer was that it's incumbent on the energy industry and government policies to support efforts and practical steps in that direction. Stuart has raised this question before, and there is a consensus that meeting 2050 targets in the UK and globally will require herculean efforts and clearer plans of action. Success will come from a combination of decarbonization and accelerated deployment of green energies, but speed is essential.
In a fireside chat with Stuart, Ken Gilmartin, CEO of Wood, called for swift and pragmatic action to achieve net-zero targets, as our current pace is insufficient. He said that without significant acceleration, it is unlikely that we can reach our goals by 2050 or even 2030. Visionary policies and a sense of urgency are needed, he said, adding that while net-zero targets will undoubtedly be achieved, the exact timeframe remains uncertain.
Lord Offord, UK's Minister for Exports at the Department of Trade and Industry, emphasized the importance of accelerating the transition to green energy to create business opportunities while safeguarding the environment. The government plans to launch an export academy to support SMEs with export-related seminars and workshops, he said.
Ahmed Alkhunaini, Aramco Overseas CEO, stated that 2023 will be a transformational year for Aramco's supply chain, with a record-breaking $50 billion capital investments. Aramco aims to utilize sustainable materials and prioritise carbon capture technologies, presenting opportunities for innovators. He highlighted Saudi Arabia's rapid economic growth as a catalyst for further expansion in Aramco's supply chain.
Sian Lloyd Rees, UK Managing Director of Mainstream Renewable Power, emphasized the importance of a healthy and cleaner oil and gas sector alongside the growth of clean energy.
Keiren Lake, Corporate Account Manager at Siemens Energy, highlighted the need for expanding renewables, securing energy supply, strengthening power grids, driving decarbonization of industries, and effectively managing supply chains and minerals.
Esi Eshun, Director of Business Group at UK Export Finance, spoke of the UK government's shift away from supporting upstream oil and gas since March 2023. However, she said, the department still provides support to supply chain companies, especially SMEs, in sectors such as petrochemicals and transportation during this transition period. The department can assist energy supply chain companies with restructuring, financing, and supply chain development.
Mahmoud Habboush
Communications Advisor at the Energy Industries Council (EIC)