HOUSTON, TEXAS (Energy Analytics Institute, 10.Mar.2025) — Energy briefs and highlights from Day 1 of CERAWeek by S&P Global 2025 in Houston, Texas spanning executive comments from Aramco, Chevron Corporation, Shell, Cheniere Energy and US Secretary of Energy Chris Wright, among others.
— Aramco CEO Amin Nasser touted the Golden new era for ‘abundant affordable and sustainable energy for all.’ The head of the world’s largest oil producer sees growth of 1.3-1.5 MMb/d for this year, ‘growth in oil is still healthy.’ Aramco sees “continuous growth from the global south” over the next few years. 60% of growth last year came from the global south. The firm has strategic ambition to expand its liquid to chemical business, benefiting from the practice’s high-margins. In terms of AI use, a central theme at CERAWeek this year, Aramco has found application in measurement of equipment health and corrosion. This leads to saving money in operations and allows more strategy.”
— Chevron CEO Mike Wirth: Chevron made headlines last year when it moved its HQ from California to Houston, “a state that values our industry and a state where the future of our industry is being invented.” Chevron’s possession of very large datasets leads to easy use cases of AI, and we have a program with 150 employees. The firm has built and operates over 5GW of power which lends itself well to a strong understanding of how to power datacenters. Chevron’s partnership with Engine no. 1 will chart the path towards further expansion into the data center space. The 20,000psi Anchor project is on time and on budget, Mike Wirth touted. Most importantly, the industry needs, “consistent and durable policy.”
— Shell CEO Wael Sawan: “We see overall energy demand growing around half a percent per year. Gas demand growing at around 0.8%-0.9% per year, and LNG demand growing around 3% per year. That’s driven by a few things. One is the continued very strong appetite we see coming out of Asia, in particular in the industrial sector, but also the adjacency that gas plays with renewables because of the intermittency of renewables. All that is underpinning that conviction of continued growth … 60% that we see growing between now and 2040, so roughly 700 million tons or so. Importantly, that has to be at lower carbon intensity over time. AI and the growth of AI has also sort of stimulated energy demand. We will see how much that actually plays out in the end. But, all of those elements, add to that the fact that many of the typical gas producing countries have based their infrastructure on gas, are starting to run out of their own indigenous gas and therefore having to import. Europe is a case in point.”
– Cheniere Energy president & CEO Jack Fusco: “We are seeing a massive investment in gas infrastructure around the world, whether it be regas terminals, pipelines, power plants, but trillions of dollars in investment going and that investment right is starved for liquefied natural gas even with some of the growth that we coming down the pipe, like our Stage 3, it’s still not going to be enough and there is still a need for significantly more LNG to be produced and shipped.”
— US Secretary of Energy Chris Wright about some goals of the administration of US president Donald Trump: “We want more reliable, affordable, and secure energy. We are reversing policies that forced customers to pay more for clothes washers and dryers and hot water heaters that deliver inferior performance. Our goal is lower cost and higher performance. Is that radical?” Wright said on 10 Mar. 2025 during a leadership dialogue. “We also plan to reverse the destructive mandates encouraging everyone to buy EVs that have been wreaking havoc on our auto industry and forcing higher prices and reduced choices on consumers. AI is going to be truly transformable. We are already experiencing the impacts, the benefits in consumer services and education and also with business efficiencies. This is just the tip of the iceberg,” Wright said. Wright said 15-17 years the US was the largest net importer of natural gas. At that time he said the US had well over 1,000 rigs drilling to produce natural gas with natural gas prices roughly twice where they are today. He said the US peaked at 1,600 rigs drilling for natural gas but today has around roughly 100 rigs drilling for natural gas. “And we have transformed the world’s largest importer to the world’s largest exporter. Simply a tremendous story of American innovation, technology and capital deployment,” Wright said.
— FACT SHEET: Alberta, Canada has the 4th largest oil reserves on earth and is the largest exporter of oil to the US. The province exports over 4 MMb/d to the US and is the sole exporter to 20 US states. The gov’t of Alberta has bold ambitions to double its oil and gas production, increase North American and int’l exports, and advance global energy security. In late 2024, Alberta committed to work collaboratively w/ industry to implement a Bitumen Royalty In-Kind (BRIK) program. The new BRIK program, being launched at CERAWeek, will give Alberta’s gov’t the ability to seek new international deals for their share of Alberta’s world-leading heavy oil resource, Canada’s Ministry of Energy and Minerals announced 9 Mar. 2025 in an official stmt.
— “While politics may have changed, science hasn’t. Warming caused by pollution from fossil fuels is harming economies and people around the world. Future prosperity requires us to solve for energy access, energy affordability, energy security and environmental sustainability. Fortunately, there are no shortage of options that tick all four of these priorities, beginning with the simple act of eliminating venting, flaring, and leaks of methane – a potent climate pollutant AND valuable energy resource,” EDF president Fred Krupp said 10 Mar. 2025 in an official stmt. “Oil and gas operators in the U.S. alone waste $3.5 billion worth of methane a year through leaks, flaring, and other releases, enough to supply the energy needs of 19 million American homes. Our next chapter should be about energy leadership – a portfolio of solutions that puts us on course for a strong economy with less waste and pollution.”
— Aramco: renewables & storage: storage is a key constraint; integrating renewables increases costs significantly; oil demand Growth: estimated at 106.1 MMb/d w/ 1.3MMb/d-1.5 MMb/d growth, driven by the Global South; growth drivers: AC usage, liquid-to-chemical installations by 2040, jet fuel demand, AI improving efficiency in operations; and AI in energy: AI applied to corrosion management, infrastructure optimization, and efficiency improvements.
— Chevron: industry resilience: Supports risk-taking in energy; MIT AI program: Chevron sends employees to MIT to train in AI, focusing on petroleum engineering, geology, and data science; power challenges: focus on remote operations; AI dominance requires reliable power and modernized grids; Permian & Gulf investments: focus on existing infrastructure, pressure technology, and modernization; public policy needs: durability in energy policies, permitting reform, and global competitiveness; Asia mkt: growth due to less regulatory burden and greater market trust.
— Alphabet and Nextera Energy: AI and data analytics: AI for energy efficiency, cybersecurity, and optimizing transmission congestion; gas & infrastructure: gas plant costs have tripled, labor shortages in EPC, and long permitting delays.
— United Airlines: FAA challenges: Understaffed air traffic control, investment needed to meet 2050 targets; sustainability: focus on sustainable aviation fuel (SAF) and securing viable feedstocks.
— Cheniere and Shell: LNG growth: LNG demand will continue to grow significantly; Europe & Asia mkt: Europe needs gas baseload for renewables; Asia has existing gas infrastructure; trading strategy: LNG trading is becoming a core capability, leveraging flexibility in supply and demand.
— BlackRock: renewable investments: betting on Saudi renewables (100GW) and green hydrogen exports; oil price stability: expected range of $60/bbl-$80/bbl; Panama Canal and ports: investing in global port infrastructure, expecting stable long-term returns.
— Gunvor: trade & tariffs: trade dynamics: global trade is becoming more transactional, nationalistic, and protectionist; energy mkt: sanctions on Russia shift oil and gas routes but do not change overall supply & demand; Canada and tariffs: potential 10% tariffs on exports could impact US refiners and consumers.
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By Lukas von Koch, Philipp M. and Pietro D. Pitts reporting in Houston at CERAWeek. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
