The campaign against oil and gas is short-sighted and Saudi Arabia will continue to invest in this  sector and will work to raise its production capacity, said Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Arabia's Minister of Energy.

 

Taking part in the International Petroleum Technology Conference (IPTC) 2022 panel discussion on the main topic of the conference "enhancing global recovery through sustainable energy", Prince Abdulaziz said the Kingdom will  also work to achieve net-zero emissions, adding that most of what is spent on is technology, where the Kingdom is working with an integrated system, said a Saudi Press Agency report.

 

The panel saw also the participation of UAE Minister of Energy and Infrastructure, Suhail Al-Mazrouei; Kuwaiti Minister of Oil, Dr. Mohammad Abdul Latif Al-Fares; Bahraini Minister of Oil, Mohammed bin Khalifa bin Ahmed Al Khalifa; Iraqi Minister of Oil, Ihsan Abdul Jabbar Ismail; and Egyptian Minister of Petroleum and Mineral Resources, Tarek El-Molla.

 

The Saudi Minister of Energy said if we do not achieve our collective goals, we will not achieve our individual goals, and the Kingdom continues to invest and expand its production capacity, noting that focusing on specific elements such as alternative energy alone would be a huge mistake and the world must look at all energy sources.

 

Bahraini Minister of Oil Sheikh Mohammed bin Khalifa Al Khalifa praised the Middle East Green Initiative that seeks to make the region safe and reduce carbon emissions, referring to the big role of Prince Abdulaziz bin Salman bin Abdulaziz, Saudi Minister of Energy, in leading the efforts of Opec+ and saving the international oil market from the drop.

 

Meanwhile, UAE Minister of Energy and Infrastructure Suhail Al-Mazrouei said that hydrogen will be a promising and attractive market, where the UAE seeks to be part of this future and has projects in around 40 countries worldwide.

 

He noted that the conference seeks to encourage the youth to focus on hydrogen through the petroleum industries in addition to blue hydrogen, adding that if investments are planned in a good way, it will contribute to reaching innovation.

 

For his part, Kuwaiti Minister of Oil Mohammad Abdul Latif Al-Fares said: “We hope the issue of Opec and Opec+ ends this year and they should have a cooperation agreement that should be implemented through a correct approach in coordination in this changing sector.”

 

Iraqi Minister of Oil Ihsan Abdul Jabbar Ismail highlighted the importance for Opec+ to commit to the current agreement for the interest of the energy market with the current multilateral discussions, referring to the way of achieving balance in the market between supply and demand to avoid any surprises in the future in a way that serves the interests of all.

 

He noted that Iraq is going through a strategic transition phase and counts of changing all energy generation stations to some 33 gigawatts and to receive the remaining power from the solar and fossil fuel energy, pointing out that Iraq has signed several agreements with global companies to generate solar energy, where the government has prepared a strategic plan and allocated money from the general budget to realize this goal.