Investors continue to face the zero and green exchange strategies of major oil companies, said Bernard Looney, CEO of BP, during a virtual conference on Wednesday, in which top executives of major European oil companies discussed the future of energy.
“I am just sure that over time this will be recognized. But I understand that investors have doubts about whether we can do it or not, ”Looney told the IP Week conference hosted by the Energy Institute, led by Bloomberg.
Speaking of BP’s foray into renewable energy solutions, Looney said the leading company wants to give society the renewable energy it wants, but noted that oil and gas, albeit in smaller volumes, they will continue to be the center of BP’s business because it would be the cash engine to help it transform into a lower carbon company.
“You can’t challenge gravity, you can’t go against the will of society … I want to be the one in the room who’s working on how to give people the renewables they want,” Looney said. dit.
But he too dit that “People don’t always want our product, but they need it … Oil and gas will be here for decades to come and it’s critical to our business, fueling our transition to a lower-carbon company.”
BP, as well as Norway Equinor and France Total, told the IP Week conference this week that they are excited about hydrogen.
Anders Opedal, CEO of Equinor dit that the Norwegian giant will focus in the next two or three years on the “accelerated growth of renewable energy, especially offshore wind energy.” We are also excited about hydrogen and CCUS ”.
The Italian Eni, meanwhile, rules out future double-digit investments in new oil projects, as it would “sanction projects of between 5 and 6 billion dollars with a shorter marketing period,” Guido Brusco, Va say the Upstream director at the conference.
Last year, Eni was one of the first oil companies to announce a plan to reduce emissions, in which it claimed that its oil production would begin to decline from 2025 under the new long-term strategy to rely on gas. natural, renewable energies and new technologies.
By Tsvetana Paraskova for Oilprice.com
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