Oil and gas still needed for decades to come: BP
The CEO of UK energy company BP on November 15 told cable news broadcaster CNBC that oil and natural gas will remain part of the energy mix for the foreseeable future.
BP CEO Bernard Looney told the broadcaster that he recognised that his position may be unfavourable during the energy transition.
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“It may not be popular to say that oil and gas is going to be in the energy system for decades to come but that is the reality,” he said.
His comments echoed that of Sultan Ahmed al-Jabar, the CEO of the Abu Dhabi National Oil Company, who said during a regional energy summit that continued investments were needed as the energy transition accelerates.
Looney, who was present for the recent summit in Abu Dhabi, said the conversation on the energy transition may have to do more with fundamental realities than ideologies.
“What I want us to do is to focus on the objective — and I wish we had less ideological positions and more focus on the objective — which in this case is to drive emissions down,” he said.
BP in September hired Anja-Isabel Dotzenrath, the former CEO of German clean energy developer RWE Renewables, as the new vice president of its gas and low-carbon energy business. Looney at the time described Dotzenrath as "exactly the right person for BP, at exactly the right time."