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"유가는 누구도 예측 못 합니다"…100달러 롤러코스터에도 배당과 통행료로 버는 에너지 주식은 따로 있다 | 김상원 스트래직핏 파트너 — Transcript

by 이효석아카데미 · 4,252 words · 739 segments · language en · Watch on YouTube

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0:00It means that AI is providing new
0:02business opportunities to oil and gas
0:04companies. And if you look, energy
0:06companies are directly entering the data
0:09center power generation business.
0:12Chevron, for instance, has signed a 20-
0:14year contract to supply power to data
0:17centers built by Microsoft, and since
0:19energy is, as we've said, the foundation
0:22of all industries, holding stocks in
0:24companies that handle everything from
0:27upstream to downstream could be a good
0:29investment.
0:37Hello. This is Lee Hyo-seok. Today, I
0:39have invited Dr. Kim Sang-won. Hello.
0:42>> Yes, greetings. I am Kim Sang-won.
0:45>> Yes. I think I should ask you for a
0:47brief self-introduction first.
0:48>> Yes.
0:50I am Kim Sang-won, and I work in Houston
0:53, USA, providing management strategy
0:55consulting for energy companies.
0:58For this
1:00"
1:00>> 2027 US Investment Trends" book,
1:04>> I authored the section on oil and gas,
1:06as well as traditional fossil fuels.
1:08>> Yes. Yes.
1:10In this book, "2027 US Investment Trends
1:13,"
1:13>> you covered the oil sector; personally,
1:16when I think of oil, I think of
1:18traditional energy,
1:20>> thinking it's something old, but looking
1:23back at this year, there have been so
1:25many stories, so many important news
1:27items that I wonder if there’s ever been
1:30a time with this much going on. So, oil
1:32prices, which started around $ 50 to $
1:3460 at the beginning of the year, went
1:36through the Venezuela war. There was the
1:39Iran-related war. The Strait of Hormuz
1:41was blocked. Due to various issues like
1:43these, it has now climbed to the $ 100
1:46level.
1:47So at this point, we need to review the
1:50past year and talk about what will
1:52happen next year and how the energy
1:54industry will change, but first, I think
1:57we should discuss the midterm elections
2:00.
2:01I thought the Democratic Party would win
2:03the midterm elections, but they won by a
2:05landslide. How is the local atmosphere?
2:09Yes, as you said, there were many
2:12forecasts that the Democrats would be
2:15dominant, but even in traditionally
2:18Republican-leaning areas like Houston,
2:22Texas, where I am, the Democrats swept
2:25the governor, senator, lieutenant
2:28governor, and even the attorney general
2:31positions, which is a major upset, and
2:35the news here is constantly discussing
2:38how things will change now that the
2:41Democrats have taken control of the
2:45legislature.
2:46>> I see.
2:47Texas and Houston are truly the
2:49Republican Party's traditional
2:51stronghold.
2:53>> That's right. This is a place where
2:54Republicans would get elected no matter
2:56what they did.
2:57>> Uh
2:58>> So, what on earth did they do? What did
3:00they do to have it flip to the
3:01Democratic Party? Ah, that’s what I’m
3:03thinking.
3:05That’s why, actually, the Trump
3:07administration, even Vice President
3:09Pence, is already drawing lines, saying
3:11, "Oh, this happened because Trump
3:13started a war."
3:15With such remarks, there are a lot of
3:17various stories coming out right now.
3:21So, first off, how should we look at the
3:23Trump administration's energy policy
3:26regarding energy prices?
3:29>> Yes, there are some complex factors
3:31involved.
3:33Actually, if you only look at energy
3:36prices, as you mentioned, before the war
3:38, it was around the 50 to 60 dollar
3:41level.
3:42>> Hmm.
3:43>> As the war broke out, it went between 80
3:46and 100 dollars.
3:48But nobody knew whether the Strait of
3:51Hormuz would be blockaded for a long
3:53time or when the war would end.
3:56But it fluctuated between 80 and 100
3:58dollars. If you look at past energy
4:01shocks, adjusted for current dollar
4:03value, it went up to almost 150 dollars
4:05. Hmm.
4:07>> So, energy prices didn't skyrocket as
4:10much as people had feared.
4:14However, it inevitably affects gasoline
4:17prices.
4:19And besides gasoline, diesel and heating
4:21oil prices have also risen tremendously
4:23lately.
4:24>> Of course, it affected inflation and
4:27other things overall, and energy prices
4:29are just one part of it.
4:32In fact, the Trump administration put
4:34forth "Energy Dominance," America's
4:37energy dominance policy, and as they
4:40said last year, "Drill, baby, drill" for
4:43oil and gas and traditional fossil fuels
4:46.
4:46That’s right.
4:49>> They actively encouraged production.
4:52Unlike the previous administration.
4:54>> That’s right. In that sense, they
4:56actually had many elements in place that
4:58could have sufficiently curbed prices.
5:00>> They said they would increase supply to
5:03stabilize energy prices, but then they
5:06started a war.
5:07>> Yes, they started a war, and energy
5:10prices went up.
5:12But besides energy prices, the hidden
5:15costs of war are enormous, and other
5:17overall prices, such as medical
5:19insurance, have also risen significantly
5:22.
5:24>> And these days, the biggest topic is how
5:26the people who have, the billionaires,
5:29and the remaining few—the billionaires
5:31...
5:33...
5:33>> are colluding with power to take it all
5:35for themselves, leaving the rest of us
5:37behind.
5:38I think those things have combined in a
5:41very complex way to lead to this
5:43situation. Mm-hmm.
5:45Actually, there are many reasons why
5:47Trump received such negative evaluations
5:49, but I think the feeling that "they are
5:51taking everything for themselves" played
5:53a part.
5:54I think it's also a problem that they "
5:56helped themselves" to so much that
5:58people were asking, "Can they really do
6:00that?" regarding what his family members
6:03were doing.
6:05Beyond the U.S., a notable feature of
6:07this book is the discussion of the
6:09transformation of the oil and gas
6:11industries in the U.K. and Canada, which
6:13are topics not easily encountered
6:15elsewhere.
6:17Could you please introduce those topics
6:19for us?
6:19>> Yes. Yes. Yes. In the case of the U.K.,
6:22the North Sea—which is actually to the
6:25east and north of the U.K., so the
6:27British call it the North Sea—
6:31>> has a long history, having developed its
6:35oil and natural gas resources for
6:38decades.
6:41The resources from there were once so
6:45vast that production was almost on par
6:48with that of the U.S. Gulf of Mexico.
6:53>> But as time passed,
6:55>> drilling costs rose, and the British
6:59government introduced many regulations.
7:04For instance, the total tax rate there
7:08is 78%. Ah.
7:10>> That is an enormous tax burden.
7:13>> On top of that, the U.K. is pursuing a
7:16Net Zero...
7:18>> Since they are implementing a Net Zero
7:19policy,
7:20>> yes, by doing that, oil and gas
7:23companies can no longer operate,
7:26>> which is effectively the government
7:27telling them not to do business. If it
7:28reaches that point, really.
7:30>> So, there has been consolidation.
7:34>> Large companies are leaving, and either
7:37smaller companies are merging, or larger
7:41ones are spinning off their North Sea
7:44assets to form joint ventures, but as a
7:48result, the U.K. is forced to import the
7:51fuel and natural gas it needs for its
7:55own homes.
7:57Yes. So that Net Zero...
7:58>> Moreover, they end up being pushed
8:01around by Russia, so naturally, there's
8:05frustration growing internally.
8:07>> Uh.
8:08>> Yes. Yes.
8:09So, I'm saying that Net Zero is quite
8:11difficult to achieve, and in the case of
8:13Canada, it is a country with incredibly
8:15abundant resources.
8:17However, all the resources are in the
8:20province of Alberta, and to reach
8:22markets via pipelines, they have to
8:25cross British Columbia, but due to heavy
8:28regulations from both the British
8:30Columbia government and the Liberal
8:33federal government, most of those
8:35resources are currently being exported
8:38to the U.S. But with disputes arising
8:40over tariffs and policies with the U.S.
8:43,
8:44there is a growing sentiment that they
8:46need to send these resources to the
8:49Pacific or Asia instead.
8:51So, these days, the trend is actually
8:54shifting toward encouraging oil and gas
8:57development more.
8:59Canada is.
9:00>> So, what we can learn from the cases of
9:03Canada and the UK is that policies where
9:07they choose not to use the resources on
9:10their own land for the sake of net-zero
9:13—while well-intentioned—are ultimately
9:17very difficult to maintain.
9:20In our country's case, we don't have
9:23energy resources anyway, so we don't
9:25even have the luxury of making such
9:27decisions, but in the UK or Canada, they
9:30have them and just chose not to use them
9:32.
9:33They had them and deliberately didn't
9:35use them, but it’s really hard to stick
9:37to that when you face a shortage.
9:39It’s a very difficult choice.
9:41>> Yes, that’s right.
9:43It seems to be a case that shows how
9:45difficult it is to reduce carbon
9:47emissions, regardless of whether a
9:48country has resources or not.
9:51>> That’s true. Then, is there a
9:53possibility that from next year, we
9:56could see more energy production or an
9:58increase in supply from these regions?
10:02Oh, for Canada, there is definitely
10:04potential.
10:05They have sufficient gas and oil
10:08reserves, and the most urgent priority
10:10was opening up export routes to the
10:13Pacific in the west.
10:15But the atmosphere is changing lately,
10:19and since the UK's resources are
10:23generally aging, it would be difficult
10:27for them to discover new ones. The main
10:31focus will be on how much they can
10:34offset that decline. The UK, yes.
10:38>> So, I see.
10:41Moving on to the second question, does
10:44focusing on energy security mean we are
10:46abandoning carbon emission reduction or
10:48net-zero?
10:50We don't hear much about that anymore.
10:53>> I actually remember you saying last year
10:56during our talk that "the Earth doesn't
11:00wait."
11:01Yes. We aren't abandoning it. As far as
11:04I know, last year
11:06>> the total global carbon emissions
11:11>> decreased slightly for the first time
11:13since the pandemic. They had been rising
11:16steadily,
11:20>> but they dipped last year; whether this
11:23downward trend will continue or if they
11:26will bounce back remains to be seen.
11:30>> Ultimately, companies and countries
11:34>> still maintain their carbon reduction
11:37policies, and everyone is continuing to
11:39make investments and efforts in their
11:41own way.
11:43But while we all talk about "Net Zero by
11:472050" so easily, I think it will be
11:49realistically difficult to achieve that
11:53by 2050.
11:55I think it would be helpful to adjust
11:58the goals—for instance, by focusing on
12:01reducing carbon intensity rather than
12:03total carbon emissions, such as shifting
12:06from coal to natural gas—as seeking out
12:09such methods would still contribute to
12:12reducing emissions.
12:14>> It's not that we aren't doing it, but
12:16people are just not as interested as
12:17they were in the past; it doesn't mean
12:18it’s not happening. I think it would be
12:20good to leave it at that.
12:21>> Let’s move on to the topic of AI.
12:24I feel like AI has become the new master
12:30of energy and power demand.
12:35Data centers consume an enormous amount
12:37of electricity, which seems to be
12:40causing various frictions and problems;
12:42how should we view the relationship
12:45between the energy industry and AI?
12:48Yes.
12:49So, as you mentioned, on a basic level,
12:52we need the fuels required for power
12:54generation.
12:56>> Hmm.
12:56>> That can be used right away.
12:59>> While it would be great to rely entirely
13:03on renewable energy, there are many
13:06shortcomings, so natural gas is
13:09currently being used the most.
13:12As a realistic alternative, energy
13:15companies that produce natural gas can
13:18become key suppliers, and in fact,
13:21energy firms are now directly entering
13:25the data center power generation
13:27business.
13:30They aren't traditional utility
13:32companies, but Chevron, for example, has
13:36signed a 20-year contract to supply
13:38power to a data center built by
13:41Microsoft, and they are engaged in a
13:44power generation project using natural
13:47gas.
13:49This means that AI is providing new
13:52business opportunities for these energy
13:56, oil, and gas companies.
13:59Beyond their original
14:00>> resource development work.
14:02>> And
14:04>> On the other hand, the reason we talk
14:08about AI is that it improves our quality
14:11of life and brings innovation to our
14:15work, and these AI techniques are also
14:18very helpful to the work oil and gas
14:22companies do.
14:25Ultimately, it can play a role in
14:27helping oil and gas companies make
14:29decisions by quickly analyzing large
14:31amounts of data.
14:34For example, a company like ExxonMobil
14:38has set a goal to double productivity
14:41while producing shale, and it is using
14:45data from those shale operations to help
14:48determine the location of oil wells.
14:53Then it helps with reservoir design and
14:57optimization, so in a way, energy
15:00providers help the data centers that AI
15:04needs, while fossil fuel companies,
15:07conversely,
15:10>> ah, AI
15:11>> helps the oil and gas companies with
15:13their business, so they coexist and
15:16prosper together.
15:17>> There is that kind of relationship. They
15:19give each other opportunities.
15:20>> Should we call it quite paradoxical?
15:24Because of AI, energy is needed, and AI
15:27is used to develop energy, so to express
15:30this in one word, we could see it as AI
15:33for Energy and Energy for AI.
15:36>> Yes. Mutually, yes, prospering.
15:37>> I think the idea that they are
15:39interconnected is a very important
15:41keyword. But because of AI, we will need
15:43even more energy in the future.
15:46Ah, right now, it is the most available
15:49energy source.
15:52I mean, there is nuclear power, but it
15:54takes a long time and the scale is huge
15:57, so
15:59>> there are also cost aspects.
16:01>> In the case of natural gas, using it for
16:04power generation is a technology
16:06everyone has, and the necessary
16:08machinery or
16:10>> manpower, if you just have those, you
16:12can do it at any time. Yes. Uh, so it
16:14seems like it will be that way for the
16:16time being.
16:16>> I understand. Looking at the outlook for
16:19the energy industry in 2027, what trend
16:20do you think is the most important?
16:23Yes.
16:24Anyway, whether this geopolitical war
16:28will actually end, so as the Strait of
16:32Hormuz normalizes, how quickly the LNG
16:35tankers from Qatar that couldn't reach
16:39the market or the refineries that
16:43weren't operating can catch up once they
16:47restart is one factor.
16:51And we talk a lot about U.S. shale
16:53production, which has been increasing
16:56for nearly 20 years.
16:59So it's at about 13 million barrels per
17:02day now, but there are many questions
17:06arising as to whether this growth trend
17:09can really continue.
17:11So ultimately, no matter how much you
17:14increase productivity, you need to
17:17discover better shale buried in the
17:20ground, but most of the high-quality
17:23shale has already been found, so there
17:26are concerns that we may have to shift
17:29toward lower productivity areas.
17:32And for a while, the supermajors, if by
17:36supermajors you mean big oil companies,
17:39instead of increasing investment in the
17:42upstream, they have been focusing on
17:45returning their profits to shareholders
17:48through stock buybacks or dividends.
17:52>> Since they haven't spent money on
17:55developing new upstream resources for
17:57over 10 years,
17:59>> now,
18:00>> I think the balance might have shifted,
18:03and we could be entering a cycle where
18:05these major companies start investing
18:08more in the upstream sector; it’ll be
18:10interesting to keep an eye on.
18:13>> Yes. Oh, I think this is a very
18:15important point from an investment
18:16perspective, specifically when it comes
18:18to stock market investing.
18:21Because if these major players, who
18:23haven't been investing capital but just
18:25paying out dividends, start investing
18:27again, I’m sure there will be companies
18:29that benefit from this.
18:32Ultimately, they’ll have to award
18:34contracts for things like drilling, and
18:36those companies could suddenly see an
18:39improvement in their business.
18:41>> Yes. Yes.
18:43So, in terms of the oil and gas supply
18:45chain, there are oilfield service
18:47companies like SLB, which Dr. Cheol Jung
18:49mentioned last time, or Halliburton.
18:53There are also countless companies that
18:56operate drilling rigs and other supply
18:59chain providers, so if upstream
19:01investment actually goes up, those
19:04companies are definitely worth watching
19:07.
19:08That makes sense. Understood. But after
19:10all is said and done, the recent
19:12interest seems to be in natural gas.
19:15Nuclear power is too far off, and solar
19:18power has too much variability, so
19:20natural gas or perhaps fuel cells seem
19:23like the best fit for the power needed
19:26by AI; shall we talk more about natural
19:29gas?
19:30>> Exactly. Yes.
19:32I believe South Korea imports LNG to
19:37meet about 30%of its power demand.
19:43And globally, it accounts for about 20%
19:48to 40%.
19:50Now, the fuel that would replace it is
19:54coal.
19:55In fact, coal still accounts for about
19:58one-third of global power generation
20:01resources.
20:03So it’s still more than gas. Yes.
20:05>> However, if you switch that to gas,
20:08while carbon emissions don't reach zero
20:11, it has the effect of reducing carbon
20:14emissions by 50-60%like renewable energy
20:17.
20:18>> So, while it's not zero, it acts as what
20:22we call a "bridge," and natural gas can
20:25play a role in accelerating the
20:28reduction of carbon emissions.
20:31Another good thing is that the reserves
20:34are still massive.
20:36That’s why the U.S. is not only the top
20:39producer of crude oil but also the
20:41largest exporter of LNG.
20:43Oh, in the entire world.
20:46And there are still huge shale gas
20:48reserves, and since the U.S. leads this
20:52market, there will likely be many more
20:55new LNG equipment and facility companies
20:59for some time to come.
21:01Exactly.
21:02>> And another important thing is being
21:05able to keep Russia in check; you see,
21:08Russia cut off its gas supply while
21:10waging that war. Europe.
21:13So they have to burn coal fuel in the
21:16morning, and they're paying more than
21:18double the gas price that the U.S. pays
21:21.
21:23>> So, I think there would be benefits if
21:26they source natural gas from the U.S.,
21:30Qatar, or Australia, which can keep
21:33Russia in check.
21:36The U.S.
21:38>> For the U.S., possessing natural gas is
21:41a huge strength, and I was surprised to
21:43read in an article recently that even
21:46Qatar...
21:48...
21:48>> is talking about importing natural gas
21:51from the U.S. I wondered why a country
21:53that exports as much natural gas as
21:56Qatar would do that, but the situation
21:59in the Middle East, like the Strait of
22:01Hormuz, is currently very unstable.
22:04>> Since Qatar has commitments to supply
22:07gas to outside partners,
22:09>> they are even importing U.S. gas to
22:11fulfill those needs.
22:13>> That’s the kind of situation we're
22:15seeing.
22:16So, it really struck me that, regarding
22:18natural gas alone, the situation is
22:21quite advantageous for the U.S.
22:23>> Yes. Yes. Yes.
22:25As for trade, crude oil producers often
22:29bypassed the Strait of Hormuz by
22:31building pipelines across land to the
22:35south and toward the Red Sea.
22:38>> But gas can only be transported by LNG
22:41tanker.
22:42>> Since it can't go anywhere without a
22:43pipeline, it must pass through the
22:45Strait of Hormuz, so they have to use
22:46tankers.
22:47>> Yes.
22:48>> And Qatar still doesn't have enough LNG
22:50tankers right now. So Qatar...
22:54...
22:55>> is either buying LNG tankers that were
22:57meant to be sold to others as a
22:59portfolio trade to fill the gap, or they
23:02are involved in the Golden Pass LNG
23:05project in the U.S. Through Exxon, they
23:07are doing that.
23:10>> Yes, LNG gas has that inherent weakness
23:13.
23:14That it has to be moved by LNG tanker. I
23:16see.
23:18Looking at what we discussed today, if
23:20we consider what energy really is, it
23:23can ultimately be seen as the most
23:25critical weapon in a hegemonic war.
23:29I mean, without energy, you can't wage a
23:31war, and without energy, you can't
23:33really throw your weight around.
23:35To put it simply.
23:37From the perspective of the US-China
23:40hegemonic war, how does it affect the
23:42energy industry?
23:44Big tech leaders in the US, including
23:47Elon Musk, seem to say things like, "
23:49China has so much energy, I'm envious."
23:53How should we view this?
23:54>> Yes. Yes.
23:56Well, I view all phenomena through the
23:59lens of energy.
24:01When looking at the US and China, the US
24:04is the world's largest producer of
24:07fossil fuels, while China is the world's
24:10largest importer of fossil fuels.
24:13Of course, China has many resources as
24:17well.
24:19However, it still relies heavily on
24:22imports for oil and gas.
24:26>> That's why a big reason for the
24:28Inflation Reduction Act (IRA) during the
24:31Biden administration a few years ago was
24:34that China had started to completely
24:36dominate the supply chain for rare earth
24:39elements and the components needed for
24:42EV battery production.
24:46So, in order to counter that, the US
24:48felt it needed to build its own EV
24:49battery and battery supply chains.
24:52That is indeed one of the major reasons
24:55why the IRA was initiated.
24:58Ultimately, it comes down to who will
25:00take the hegemony in next-generation
25:02energy and electric vehicles.
25:05There is a major rivalry between China
25:08and the US, and if we look at it
25:11accurately, I think China is currently
25:15winning decisively.
25:18Because although the US implemented the
25:21IRA, there were many hitches, the
25:24adoption of EVs has actually stalled,
25:27and people prefer hybrid engines.
25:31Here.
25:32>> In China, very fancy EVs are being
25:35supplied at very low prices, and they
25:38seem to be far ahead of the US.
25:43And another important thing is that
25:47regarding policy support, the US leaves
25:51it to the market, but in China, the
25:54government takes the lead and can
25:57control the market.
26:00That is the point. In that sense, for
26:03the energy business, China actually
26:06lacks resources. Even so, don't you
26:09think China has various advantages when
26:12it comes to policies like EVs that
26:15require the policy and market to work in
26:18tandem? Ah.
26:21>> So these days, there are actually far
26:22more major projects in China for clean
26:24hydrogen, whether green or blue, than in
26:26the rest of the world.
26:28Than the rest of the world. Yes.
26:30>> I see. Understood.
26:33Then, since this book is about US
26:36investment trends in 2027, if I were to
26:39ask what companies we could invest in
26:42based on our discussion about energy
26:45today, could you give us a few ideas?
26:49Yes. Yes. So, no one can really predict
26:53oil prices. Wars might or might not
26:56happen, and demand may rise or fall...
27:00but as we’ve discussed, energy is the
27:03foundation of all industries. If you
27:06hold shares in a supermajor—a large
27:09company that covers upstream, midstream
27:12, and downstream—I don't think you’ll be
27:16heavily affected by the cycles.
27:19>> I think it could be a good investment.
27:21So, in this book, we look at Shell, one
27:24of the supermajors based in the UK. Yes
27:27.
27:28>> For a long time, the corporate culture
27:31was, how should I put it, not very agile
27:34; decision-making was slow, bloated, and
27:37overly focused on tech investments.
27:42People thought they had a tendency to "
27:45gold-plate" everything and be flashier
27:48than other companies, but a few years
27:51ago, Wael Sawan, a Lebanese-Canadian,
27:53became CEO and completely transformed
27:56the firm.
27:58He stopped increasing capital
28:00expenditure.
28:03>> He narrowed the portfolio to invest only
28:06in projects with clear profitability,
28:09focusing on efficient capital deployment
28:12, and promised that 40 to 50 percent of
28:16cash flow would be returned to
28:18shareholders through buybacks or
28:21dividends.
28:24So, I think it has become a good
28:26investment choice.
28:30Also, they have gone all-in on natural
28:32gas; Shell’s portfolio now has more
28:35natural gas production than oil.
28:39And when it comes to trading in the LNG
28:41market, they are second to none. Yes.
28:43>> Yes. Yes.
28:45>> So that’s one company, and another one
28:48is Enbridge, based in Canada.
28:51>> This company is in the business of gas
28:54and oil pipelines, what we usually call
28:56midstream.
28:58They handle everything, including crude
29:01oil, natural gas, and power.
29:05Hmm. And
29:06>> The LNG business in the U.S. will
29:07continue to grow and thrive for a while
29:10.
29:10Someone has to expand the pipelines or
29:13build new gas transport lines for the
29:15LNG business to function.
29:19Since I see high growth potential for
29:21the U.S. LNG business, the good thing
29:24about this midstream sector is that they
29:27pay high dividends, and while the
29:30returns aren't as high as upstream, they
29:33are guaranteed.
29:35Around 7 or 8%, and these companies
29:39don't really take on those commodity
29:43price risks.
29:44So, these are companies where you can
29:48get a high-single-digit return of about
29:517 or 8%.
29:51>> Stable, yes, exactly. That's right.
29:54That’s how it happened. I introduced
29:56Shell and Enbridge in this book.
29:59>> I see.
30:01So, you provided ideas on which
30:03companies to invest in, not just the oil
30:06major Shell, but also Enbridge, a
30:09company expected to see steady profits
30:12and stock appreciation as the natural
30:15gas industry grows.
30:18If there is one part of this book you
30:21think readers must read, could you
30:23please tell us about it?
30:26Yes. Yes. Yes. As we discussed with the
30:29CEO, the chapters outside the main book
30:32cover the latest topics like AI, and I’d
30:35like people to know that AI, energy, and
30:37oil and gas are clearly interconnected.
30:40I hope readers understand that as we do
30:45.
30:47Achieving a balance between net-zero
30:49carbon emissions and energy supply and
30:52demand is actually very difficult.
30:56Regardless of whether one has resources
30:58or not, it's about pursuing both
31:00long-term perspectives and long-term
31:02changes simultaneously.
31:04And lastly, I would like to suggest
31:06taking an interest in natural gas.
31:09Interest in natural gas seems necessary
31:12now.
31:13>> Well, in the past, energy might have
31:16felt like something old-fashioned, but
31:19it is back in the spotlight because of
31:21AI, and I found the mention of a
31:24potential super-major investment cycle
31:26to be very impressive.
31:29I would also like to develop some
31:31investment ideas that might arise from
31:34that and share them with you all.
31:37That concludes our time with Dr. Kim
31:40Sang-won today. We will see you next
31:43time. Thank you.
31:45>> Yes. Thanks.

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