Aramco CEO: Completing the global energy transition in just a quarter of a century is “imaginary”

He added at the Asia Energy Conference, which was hosted by the Malaysian state oil company Petronas, that the equivalent energy cost of green hydrogen ranges from $200 to $400 per barrel, compared to $75 per barrel of oil currently, and he also warned against placing all “transformation eggs in the new energy basket.” .

He urged Nasser to accept the “multi-speed transformation model” in Asia and financial support for developing countries.

During the same conference, Malaysian Prime Minister Anwar Ibrahim and energy executives emphasized that hydrocarbons will be an important part of Asia’s energy mix, at a time when affordability and energy security remain major concerns for the region.

Anwar said achieving net zero emissions should not come “at the expense of economic growth or vice versa”.

“Instead, Asia should seize every opportunity for more dialogue and action on ways to plan responsibly to enable every country to fulfill its right to development and low-carbon aspirations,” he added.

Asia has some of the world’s largest greenhouse gas emitters, and Asian countries have made mixed commitments to phasing out fossil fuels and accelerating the energy transition, while also demanding adequate financial support from developed emitting countries.

Anwar said natural gas will play an important role in the energy mix for Malaysia, which is one of the top five LNG exporters in the world.

Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said during the conference that OPEC expects an increase in global demand for oil to 110 million barrels per day by 2045 and that oil will constitute 29 percent of energy supplies with the increase in the size of the global economy by doubling and the arrival of a population world to 9.5 billion.

Oil accounted for 30.9 percent of global energy volume in 2021.