Of energy security and conducive environment

(MENAFN – Arab News) The issue of energy security and energy independence is creeping up now for serious debate. Major stakeholders are looking it at minutely for it has wider ramifications and long-term implications. What the world was striving for – energy security or energy independence – needs to be sorted out. It cannot be kept lingering any further without serious consequences.

Aramco CEO Khalid A. Al-Falih, at a recent appearance at the Center for Strategic and International Studies in Washington, reignited this debate. In order to understand future scenarios, and plan accordingly, the CEO of the world’s largest and most integrated oil company, the virtual global gas station, needs a firm answer.

“We believe the US can increase its energy security by increasing its energy interdependence. That may seem like a contradiction, but the US already has diverse sources. I also believe it’s appropriate for the US to start developing alternative technologies now, but it needs to be prudent because conventional fuels still will be needed to meet growing demand,” said Al-Falih.

Despite sobering statements emanating from the major consuming capitals, Saudi Arabia has not deferred its investment options as of yet, but the policy could definitely be open for reconsideration. “Within the foreseeable future we’re not adjusting our investments based on any discussions in Washington. Other producing countries might, such as Canada with its oil sands. The US will also need to consider producing more of its domestic resources, although some of them are in parts of the country where oil is viewed as evil. That issue should be addressed because all of us here know that oil is not evil,” Al-Falih said.

In a bid to insure supply security, Riyadh is not only endeavoring to add new resources to its existing reserves base, it continues to test and apply new technology, too, to continue extracting more from existing resources.

MENAFN