Aramco Chief Sees Perception Crisis for Oil Industry

[thackney]

Aramco Chief Sees Perception Crisis for Oil Industry
https://www.rigzone.com/news/wire/aramco_chief_sees_perception_crisis_for_oil_industry-26-feb-2019-158250-article//?all=HG2
February 26, 2019

he oil industry faces a "crisis of perception" and there’s a growing risk the financial community will turn against fossil fuels, the chief executive officer of Saudi Aramco said as the world’s largest oil producer prepares for its first foray into capital markets.

"There is a worrying and growing belief among policy makers and regulators, investment houses, NGOs, and many others that we are an industry with little or no future," Amin Nasser said in a speech in London on Tuesday, arguing fossil fuels still had a vital role to play in delivering global economic growth.

Other oil industry leaders have expressed similar concerns, but it’s particularly important for Saudi Aramco because it plans to raise tens of billions of dollars from global capital markets in the next three years: tapping the international bond market for the first time this year before moving on to an initial public offering in 2020 or 2021.

"Our stakeholders are clearly tuning out," Nasser told the opening of the International Petroleum Week, an annual gathering of thousands of oil traders, executives and policymakers in London.

"The full extent was brought home to me when I was in Davos last month," he said in reference to the World Economic Forum, which takes place in the Swiss ski town. "One senior financial figure I spoke to confidently predicted the end of our industry in about five years!"...

- - - - - - - - -

I wish he would share the name of the sr. financial figure with the 5 year prediction. 

[IsailedawayfromFR]

Funny, the financial alarmists like Simmons were saying years ago we were running out of oil so the world would be threatened with lessened production after peak oil since oil was such a valuable commodity and the world economy would be placed at risk.

Now someone in the financial sector is saying oil is too weak a commodity so it will not be important. 
In reality, he is one of those 'social conscious' wackos who invest in only companies he deems 'worthy' without support from underlying financial fundamentals indicating so, just a 'moral compass'.

I say both parties are wrong, so nothing to worry about as we chug along with the fantastic exploitation of hydrocarbons are a record pace.