Investors are still getting acquainted with the liquid and green change strategies of major oil companies, BP Chief Executive Bernard Looney said during a virtual conference on Wednesday, at which top executives from major oil companies Europeans discussed the future of energy.
“I am totally confident that in time this will be recognized. But I understand that investors have doubts whether we can do this or not, ”said Looney at the IP Week conference organized by the Energy Institute, conducted by Bloomberg.
Speaking about BP’s foray into renewable energy solutions, Looney said the company he leads wants to give society the renewable energy it wants, but noted that oil and gas – albeit in smaller volumes – will continue to be central to BP’s business because they would be the cash machine to help it become a low-carbon company.
“You can’t defy gravity, you can’t go against the will of society … I want to be the one in the room working on how to give people the renewable energy they want,” Looney said.
But he also said that “People don’t always want our product, but they need it … Oil and gas will be here for decades and are essential to our business – driving our transition to a low carbon company.”
BP, as well as Equinor from Norway and Total from France, said at the IP Week conference this week that they are excited about hydrogen.
Equinor CEO Anders Opedal said that the Norwegian giant would focus over the next two or three years on “accelerated growth in renewable energies, particularly offshore wind. We are also excited about hydrogen and CCUS. “
Italian company Eni, for its part, is discarding future double-digit billion investments in new oil projects, as it would be “sanctioning projects in the range of $ 5 to 6 billion with a shorter time to market”, Guido Brusco, Upstream Director , said at the conference.
Last year, Eni was one of the first major oil companies to announce a plan to reduce emissions, in which it said that its oil production would begin to decline after 2025 under the new long-term strategy of relying on natural gas, renewable energy. And new technologies.
By Tsvetana Paraskova for Oilprice.com
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