Investors are still undertaking the big oil companies’ net zero and green shift strategies, BP CEO Bernard Looney said during a virtual conference on Wednesday at which the top executives of the largest European oil companies discussed the future of energy. .
“I am confident that it will be recognized in due course. But I understand that investors have questions about whether we can do it or not, ‘Looney said at the IP Week conference hosted by the Bloomberg organization.
On the incident of BP in renewable energy solutions, Looney said that the company he leads wants to provide society with renewable energy sources, but noted that oil and gas, although in smaller volumes, will still be central in BP’s business, because it would be the cash car to help turn it into a low – carbon business.
“You can not brave gravity, you can not go against the will of society … I want to be the one in the room working out how to give people the renewable energy they want,” Looney said.
But he too said that “People do not always want our product, but they need it … Oil and gas will be here for decades, and it’s central to our business – it’s leading to our transition to a low – carbon enterprise.”
BP, as well as Norway’s Equinor and France’s Total, said at the IP Week conference this week that they were excited about hydrogen.
Anders Opedal, CEO of Equinor said that in the next two to three years the Norwegian giant will focus on ‘accelerated growth in renewable energy, especially in offshore wind. We are also excited about hydrogen and CCUS. ”
The Italian Eni, in turn, excludes future double-digit investment in new oil projects because it will ‘sanction $ 5-6 billion projects with a shorter time-to-market’, “Guido Brusco, Director Upstream, told the conference .
Last year, Eni was one of the first oil majors to announce a plan to reduce emissions, in which he said oil production would start to decline after 2025 under the new long-term strategy to focus on natural gas, renewable energy and new technologies. to trust.
By Tsvetana Paraskova for Oilprice.com
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