Saudi Aramco’s president and chief executive officer, Amin Nasser, has said that the company will continue to invest in exploration and production, despite the challenging market conditions.
“We are leveraging technology to increase recovery in our oil reservoirs from the current average of 50 per cent to 70 per cent, and improve exploration to take our resource base to 900 billion barrels,” he said during a conference in Dubai.
Nasser said that while financial investment was imperative, the company would also invest time in the training of new staff.
“Investing in technology and research to solve E&P’s big challenges also calls for investing in the people who will develop and use these tools. The alternative – putting the recruitment, development and retention of top talent on the back burner during a down cycle – will only come back to haunt us. Now is the time to re-boot our approach to human resources.”
Nasser explained that Aramco places the utmost importance on staff training and sees education as an investment in the future success of the company.
“To switch gears from traditional training to a more immersive, hands-on approach, we developed our Upstream Professional Development Center. The Center helps to compress the time for newer engineers and geoscientists to hit the ground running, while capturing the knowledge and experience of more senior professionals,” he said.