The transformative impact of digital innovation, led by breakthroughs in Artificial Intelligence (AI), is driving rapid changes in the energy sector, a senior Aramco official has said.

 

In a keynote speech at the Money 20/20 fintech gathering in Riyadh, Aramco Executive Vice-President of Finance and CFO, Ziad T Al-Murshed, highlighted the need for companies to adapt to meet the needs of a new digital era.

 

He said: “The world of energy has always been at the cutting-edge of progress, but now it is moving at speeds none of us has seen before — accelerated by a digital revolution, and led by breakthroughs in Artificial Intelligence (AI). Needless to say, this revolution is disrupting all sectors. And for energy, this disruption is amplified. On one hand, the digital revolution is bringing substantial growth in energy demand... On the other hand this same revolution, that will substantially contribute to the growth in demand, is also going to enable the energy sector to avail more energy supply.”

 

On Aramco’s deployment of digital solutions, he said: “Aramco is at the forefront of the new digital revolution. Today, we are positioned to advance the latest technology because we have been capturing the data and building the digital infrastructure required to embrace this revolution… contributing to the $4 billion in technology realised value we saw as a company in 2024 – more than half of which is due to digital and AI solutions. This is for one year only, and with the resources we have today. As the time-scale for this revolution is measured in nanoseconds, imagine what we will be able to do tomorrow.”

 

On the opportunity presented by digital transformation, he said: “To make sure we are fully seizing this transformation opportunity, we must rethink how we operate our businesses, design our operating models, and develop and upskill our talent — and ultimately how we meet the energy needs of a new digital era, where we must match growing energy demand with sufficient supply. Yes, the pace of change is rapid. Yes, it can feel daunting. And yes, those who fail to adapt will be left behind. But the rewards that come with accepting this journey are monumental, and enormously exciting." -TradeArabia News Service