Sunday 16 December 2018
 
»
 
»
Story

Mohammed Y Al-Qahtani, Saudi Aramco SVP of
upstream

Long-term investment 'needed for energy sector transformation'

RIYADH, March 6, 2018

Long-term investments and groundbreaking research are needed for the transformation of the energy sector, a senior Saudi Aramco executive has said.

Mohammed Y Al Qahtani, Saudi Aramco senior vice president of upstream, was giving the keynote speech, “Reshaping the Landscape in Industry 4.0,” in the first plenary session on overcoming barriers for future energy, at the 13th Middle East Geosciences Conference and Exhibition (GEO 2018), being held in Bahrain.

He noted that the rapid transformation required of the industry is happening at a time when the Fourth Industrial Revolution makes almost anything seem possible – although the enabling scope of technology makes it easy to settle for immediate gratification.

Al Qahtani said: “Unfortunately, much of petroleum R&D investment is in shorter-term improvements with quick pay-outs, as opposed to ground-breaking research.”

“And while incremental improvement plays a role, investing solely in low-hanging fruit and short-term pay-offs will fall short of transformation,” he said.

Nearly 4,000 geoscientists and oil and gas professionals from around the globe are exploring technologies addressing industry challenges at the event, which which kicked off yesterday (March 5). It will run until March 8, at the Bahrain’s International Exhibition & Convention Center.

The conference is being held under the patronage of HRH Prince Khalifa bin Salman Al-Khalifa, Prime Minister of Bahrain, and sponsored by Saudi Aramco and other global energy leaders, the bi-annual event addressed the theme, “Pushing the Technical Limits: Shaping the Energy Landscape”.

Al Qahtani went on to discuss long-term technological investments that are proving to be game-changers for Saudi Aramco, increasing discovery and recovery, reducing costs, enhancing safety and protecting the environment.  

He continued: “It’s no coincidence that these investments fit nicely with GEO’s focus on moving beyond technical boundaries, new opportunities in unconventional resources, and how Artificial Intelligence and the Internet of Things impact exploration and production, because Industry 4.0 is the catalyst for major leaps forward in all these areas.”

Al Qahtani highlighted the importance of technologies like Spice Rack, a robotics-based innovation that increases data acquisition by 50 per cent while cutting costs by 30 per cent; and AI and Deep Learning processes that determine rock types and geological features for better well placement and field development.

Inviting attendees to visit Saudi Aramco’s pavilion to learn more about the company’s proprietary technologies like TeraPowers, the world’s first trillion-cell reservoir simulator whose clear imaging aids increased discovery and recovery, Al-Qahtani emphasised the importance of cooperation within and beyond the traditional industry ecosystem, continued investment in training and development, and ensuring that technology is scalable, affordable and adaptable for continuous innovation. – TradeArabia News Service




Tags: | Energy | investment | sector | long-term | transformation |

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads