BP Boss: Investors Still Question Big Oil’s Net Zero Strategies

Investors are still becoming familiar with the zero and green net change strategies of major oil companies, BP Chief Executive Bernard Looney said during a virtual conference on Wednesday, in which top executives of Europe’s largest oil companies they discussed the future of energy. .

“I am completely confident that in time that will be recognized. But I understand that investors have doubts about whether or not we can do it, ”Looney said at the IP Week conference organized by the Energy Institute, as published by Bloomberg.

Speaking about BP’s foray into renewable energy solutions, Looney said the company he leads wants to give society the renewables it wants, but noted that oil and gas, albeit in smaller volumes, will remain critical. for BP’s business because it would be the cash engine to help it transform into 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 thinking about how to give people the renewable energy they want,” Looney saying.

But he too saying 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, driving our transition to a lower carbon company.”

BP, as well as Equinor of Norway and Total of France, said at this week’s IP Week conference that they are excited about hydrogen.

Anders Opedal, CEO of Equinor saying that the Norwegian giant would focus in the next two or three years on “an accelerated growth of renewable energies, particularly of offshore wind energy. We are also excited about hydrogen and CCUS. ”

The Italian Eni, for its part, rules out future investments of double digits billion in new oil projects, since it would be “sanctioning projects in the range of $ 5-6 billion with a time to market that is shorter”, Guido Brusco . The Upstream director said at the conference.

Last year, Eni was one of the first oil majors to announce a plan to cut emissions, in which it said its oil production would start to decline after 2025 under the new long-term strategy of relying on natural gas, renewable energies and new technologies.

By Tsvetana Paraskova for Oil.eu

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