Khalid Al-Falih
,President and CEO,Saudi Aramco
Another year, and another top spot in the Oil & Gas Middle East Power 50 for Saudi Aramco’s leader and figurehead, Khalid Al-Falih.
The state owned energy giant recorded revenues of $378bn in 2014 and employs around 60,000 people. While many in the oil and gas world have been forced to take a step back, Aramco has refused to put the brakes on production, and has signalled its intent to increase spending on non-conventional resources, manpower and innovation, cementing its position as the world’s largest oil company (by value).
Al Falih said that he considers Saudi Arabia to be the “next frontier” for shale projects, with the company reportedly looking to recruit a number of experience shale workers that have found themselves unemployed since the US market collapsed.
Saudi Aramco is also set to launch a new training programme that will focus on unconventional resources. Its Upstream Professional.
Development Centre (UPDC) will roll out the three year course for upstream engineers and scientists In March, the organisation has tied up a $10bn loan, which is likely to be used for acquisition targets, possibly from the non-conventional sector.
Al-Falih has also signalled his intent to double its crude supply to China, as the country looks to keep up with its demand for energy.
*Since the Power 50 was compiled, Al-Falih has been appointed to the post of Health minister in Saudi Arabia.
