Regional tensions sharpen global focus on Saudi Arabia’s energy-security role, WPC’s Marten says

Escalating regional tensions have heightened global awareness of Saudi Arabia's role in energy security, even as security concerns prevented some senior oil executives from attending the World Petroleum Council's first energy congress in Riyadh, Ivan Marten, Executive Committee Member at WPC Energy, tells EnterpriseAM. The event brought attention to the importance of reliable energy supplies and how Saudi Arabia fits into that view, he says.

“Now we are all in the news and we are understanding why this is important and why energy security is important, and we should care about this,” he says.

The backdrop: Riyadh is hosting the WPC Energy Congress for the first time this week, bringing together energy ministers, oil and gas executives, and industry representatives to discuss energy security, investment, infrastructure and emerging technologies. Saudi Arabia was selected to host the event because of its position as a major oil and gas producer, its investments across different energy sources and its role in maintaining market stability, Marten said.

But not everyone made it: Chief executives from ExxonMobil, TotalEnergies, Shell and BP canceled plans to attend the congress. “I think they had personal circumstances, they had also security concerns or policies within their companies,” Marten said, without identifying specific companies that had imposed travel restrictions on its people. The Energy Ministry helped international delegations with transportation and logistical arrangements as organizers navigated the disruption, Marten said.

The congress comes amid regional military escalation that has disrupted air travel and raised concerns about the safety of international visitors. Riyadh's King Khalid International Airport has been targeted three times within a week, while the UK has advised against all but essential travel to Riyadh and other parts of Saudi Arabia.

The disruption has also affected preparations for the Future Investment Initiative, scheduled to take place later this month in Riyadh. Some international firms have reduced delegations or restricted travel, while FII organizers have said the summit will proceed with comprehensive security measures.

The forum nevertheless attracted substantial industry participation, with a full exhibition hall, extensive business activity and ministerial delegations attending at different levels of representation, he added.

Companies used the gathering to meet potential partners, engage with governments and regulators, and discuss investment requirements, new technologies and energy infrastructure, Marten said. He singled out infrastructure investment as a subject that had received insufficient attention in previous industry discussions. Marten did not provide an attendance figure or a tally of agreements signed during the event.