Hundreds of executives and government officials from oil-producing nations are meeting in Calgary this week for the 24th World Petroleum Congress. This conference, which occurs every three years, is one of the largest oil-and-gas conferences in the world. Attendees include heavyweights such as Exxon Mobil CEO Darren Woods, Repsol CEO Josu Jon Imaz, and Amin Nasser, the CEO of Saudi Aramco.
The theme of this year’s congress is the energy transition and the need for the oil and gas sector to achieve net-zero greenhouse gas emissions in the coming decades. This is a response to the growing global pressure to reduce greenhouse gas emissions and address the impacts of climate change. The executives are meeting against the backdrop of the hottest summer on record, which saw climate change-fueled wildfires and floods around the world.
While many of the companies attending the congress have been criticized by environmentalists for prioritizing profits over the planet, there is a recognition of the urgent need for change within the industry. The recent voluntary oil production cuts by Saudi Arabia and Russia, along with the rising commodity prices, have further highlighted the importance of global energy security.
The World Petroleum Congress is organized by WPC Energy, an organization of nearly 65 member countries from around the world, including both OPEC and Non-OPEC countries.
As the global energy landscape continues to evolve, discussions and collaborations at events like the World Petroleum Congress are crucial to finding sustainable solutions for the future of the oil and gas industry.
Sources:
– The Canadian Press