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We will continue to invest in hydrocarbons: BP CEO


BP CEO Bernard Looney poses for a photo in Texas on March 8, 2022. During a panel discussion on October 31, 2022, Looney said his company’s strategy is to “invest in today’s hydrocarbons, because today’s energy system is a hydrocarbon system.”

F. Carter Smith | Bloomberg | beautiful pictures

By BP The strategy focuses on investing in hydrocarbons while at the same time pouring money into the planned energy transition, the oil and gas company’s CEO said on Monday.

“What the world needs, more than ever right now, is a conversation and a series of actions regarding the realities and realities of today and tomorrow,” said Bernard Looney, who appeared in the show. a discussion moderated by CNBC’s Hadley Gamble, said.

“And I mean, our strategy as BP – which we’re working on in the UK, we’re working on it here in the Middle East, and we’re working on it in the US and around the world. – is investing in hydrocarbons today, because today’s energy system is a hydrocarbon system,” he added.

Speaking at the Adipec conference in Abu Dhabi, Looney said his company is “clearly trying to produce the lowest-emission hydrocarbons possible” while investing in “accelerating the energy transition.” .”

“And we’re doing it in the UK, we’re doing it in the US, we’re doing it here,” he said, examining the name carbon capture, electric vehicle charging, hydrogen and external wind. sea.

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A major oil and gas producer, BP says it is aiming to become a net worth company by 2050 or before. It is one of many large companies that have made zero commitments in recent years.

While such commitments attract attention, actually achieving them is an enormous task with significant financial and logistical obstacles. The devil is the detail and the goals can often be overlooked later on.

Looney’s comments on investing in hydrocarbons come at a time when high-profile figures such as United Nations Secretary-General Antonio Guterres are expressing their feelings about fossil fuels.

In June, for example, Guterres reduce new sources of capital for fossil fuel exploration. He described it as “delusional” and called for the abandonment of fossil fuel finance.

The impact of fossil fuels on the environment is significant. The United Nations says thatsince the 19th century, “human activities are the main cause of climate change, mainly due to the burning of fossil fuels such as coal, oil and gas.”

Back in Abu Dhabi, BP’s Looney touches on the war in Ukraine as he seeks to make the case for developing a system that focuses on a range of sources and priorities.

“There is a saying that war does two things: war manifests, and war accelerates,” he said.

“And one of the things it has revealed is that whenever we focus on just one thing, it can become a problem,” he continued.

Expanding on his point, Looney said that if he “asked anyone in Europe two or three years ago what they wanted from energy, they would almost certainly say no.”

“If I asked them what they want from energy today, they would certainly tell you they want a working energy system.”

He argues that an energy system that already works is “an energy system that provides the world – in this example, Europe – with safe energy, affordable energy and cleaner energy. “

What the planet needs, he added, is a plan that not only addresses emissions reductions, but also ensures security and affordability.

“We should be very optimistic here,” he added, going on to note that “many things will help with energy security, help a cleaner energy system.”

“Offshore wind is local, hydrogen can be local, EV charging, electrified transport is local, bioenergy is local – so the things that contribute to the lower carbon economy also contribute. into energy security.”

“And if we have a more diverse system, over time we should have a more affordable system.”

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