Watching The World: Petroleum's new golden age

Dec. 19, 2011
The oil and gas industry, in an era of naysayers, needs uplifting words now and again. Such is the effect of a recent speech by Saudi Aramco Pres. Khalid Al-Falih.

The oil and gas industry, in an era of naysayers, needs uplifting words now and again. Such is the effect of a recent speech by Saudi Aramco Pres. Khalid Al-Falih.

"I believe all of the elements necessary for a new golden age of petroleum are present—and despite the many challenges ahead, it's an exciting and even exhilarating time to be in the oil business," Al-Falih told the World Petroleum Congress.

Isn't that a remarkable thing to hear amid all the negativity that comes at us day in and day out, especially as most of us know just how important the industry is to nations and peoples around the globe?

Yet the new golden age will not come along without effort.

Financial markets

"I'll be the first to acknowledge that adhering to that long-term view isn't easy when the financial markets demand short-term results, and yet I believe it is critical if we are to bring this new golden age to fruition," Al-Falih said.

"To make the most of these conditions, we need to demonstrate stamina over the long haul; make strategic investments in research and technology; create an environment which enables our people to excel; and work responsibly to support society and protect the planet."

Not least, according to Al-Falih, men and women in the oil and gas industry need to step out from the confines of their own industry and reach out to men and women in other walks of life.

Indeed, all that has to be done must be done "while committing ourselves to a level of cooperation and collaboration that goes beyond the confines of our industry, and creates meaningful solutions and dynamic synergies."

Irresponsible, dismissive

It is through such commitment, according to Al-Falih, that we can begin to "reverse the widespread but misguided view of oil companies as profit-hungry, environmentally irresponsible and dismissive of society's concerns."

As the Saudi oil man sees things, through such efforts people will come to realize that "our industry is at the forefront of securing greater prosperity for humankind, and that petroleum is an indispensable element in helping people realize their aspirations for a brighter future."

Reiterating his view that the industry is part of a greater whole, Al-Falih noted that "the degree to which we succeed in meeting those challenges will not only shape our industry's fortunes, but will help to determine the condition of our fellow human beings for many decades to come."

Unashamedly, Al-Falih summed up his view of the importance of the oil and gas industry within life as a whole by saying that our higher purpose as energy providers is "enabling prosperity while powering possibilities."

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