TOPIC '' on Mar 10, 2010 (CET)
Saudi Arabia´s oil chief says there is no end for fossil fuels
At the moment we are living in a world where renewable energies are gaining more and more importance. The renewable energy branch is gaining growth and developing better ways of producing and using energy every day. Because of the recent developments some might come to the conclusion that fossil fuels already are a thing of the past and that it won´t take long before all cars etc. are powered with renewable energy. The CEO of Saudi Arabia´s national oil company Khalid Ali-Falih doesn´t see it that way.
Khalid Ali-Falih said that the common known fossil fuels such as oil, natural gas and coal will dominate the energy market for many years to come. In Houston, Texas he was spokesman at the CERA Week 2010 where he also stated the following: "I don't think any of us will see, at any time in our lives, fossil fuels meeting less than 70 percent of total energy demand," Al-Falih noted. “While fossil fuels' percentage of total energy output can be expected to decline, the volume of energy produced from them can be expected to rise as world energy demand doubles over the next 40 years, he said. Global oil demand -- now at about 85 million barrels a day -- is expected to jump to 105 million barrels a day by 2030”, he said. “In the past five years, Saudi Aramco has spent more than $62 billion, primarily to boost its oil production capacity to about 12.5 million barrels per day. But about 4 million barrels of that is now spare capacity, because of weakening energy demand”, Al-Falih said.
During the next few years Saudi Aramco is planning to boost the amount of money invested into natural gas because especially within this sector there are many new discoveries being made within Saudi Arabia. About solar energy the CEO only said that he is very exited to see what development the solar energy branch brings to the “sun-drenched Saudi Arabia.”
Jason Grace
on behalf of the
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