BP: Oil & Gas Will Be Needed For Decades

Cat:

Related stories

Oil Prices Dip on Confirmation of Inventory Build

Crude oil prices opened weaker today following Wednesday’s release...

Buhari In Stable Condition – Ex-Aide Confirms

By Abiola Olawale Ahmed Bashir, ex-aide to the immediate past...

BREAKING: Ex-President Buhari sick, hospitalised abroad

Former Nigerian President Muhammadu Buhari is currently undergoing medical...

MTN’s Dabengwa Tier III Cloud Data Centre: A New Era for West African Tech and AI

By Sonny Iroche West Africa’s Largest Tier III Data Centre...

…BP CEO Looney: Oil and gas will have a role to play in the energy system for decades to come

…Any scenario, even the International Energy Agency’s Net-Zero by 2050 scenario, predicts that there will still be demand for oil in 2050

Oil and gas will have a role to play in the energy system for decades to come, BP’s chief executive Bernard Looney said on Monday, adding that the industry should try to produce hydrocarbons with the lowest emissions possible.

Any scenario, even the International Energy Agency’s Net-Zero by 2050 scenario, predicts that there will still be demand for oil in 2050, Looney told CNBC on the sidelines of the ADIPEC energy conference in Abu Dhabi.

According to the IEA’s Net-Zero by 2050 scenario, in a world on track to achieve net-zero emissions within three decades, global oil demand would drop by 75 percent to 24 million barrels per day (bpd), from around 90 million bpd in the pandemic year 2020 and around 100 million bpd in the pre-pandemic 2019.

“So any objective person that looks at this from an objective standpoint is going to say hydrocarbons have a role to play,” Looney told CNBC.

As the world will not be moving away entirely from oil and gas, the question becomes “what do you do about that”, BP’s top executive noted.

“What you do about that is try to produce those hydrocarbons in the best way possible,” Looney said.

“It may not be popular to say that oil and gas is going to be in the energy system for decades to come but that is the reality,” he told CNBC.

BP, like most European majors, is now pitching itself as an integrated energy company looking to transform into a broader energy firm from an international oil major.

BP has said it would cut its oil and gas production by 40 percent by 2030 through active portfolio management and no exploration in new countries. Shell said earlier this year that its oil production peaked in 2019, while Italy’s Eni sees its oil production peaking in 2025.

NB: Tsvetana Paraskova wrote this article for Oilprice.com

Tsvetana Paraskova
Tsvetana Paraskova
Hamilton Nwosa is an experienced, and committed communication, business, administrative, data and research specialist . His deep knowledge of the intersection between communication, business, data, and journalism are quite profound. His passion for professional excellence remains the guiding principle of his work, and in the course of his career spanning sectors such as administration, tourism, business management, communication and journalism, Hamilton has won key awards. He is a delightful writer, researcher and data analyst. He loves team-work, problem-solving, organizational management, communication strategy, and enjoys travelling. He can be reached at: hamilton_68@yahoo.com

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

NDN
Latest News
Oil Prices Dip on Confirmation of Inventory BuildBuhari In Stable Condition - Ex-Aide ConfirmsBREAKING: Ex-President Buhari sick, hospitalised abroad2027: Abure, Usman Clash Over Peter Obi’s Rising Profile in ADC CoalitionMTN’s Dabengwa Tier III Cloud Data Centre: A New Era for West African Tech and AIGanduje: Why are they resigning?OPEC Reports a Global Oil Production Decline in 2024IMF Warns FG to Overhaul 2025 Budget to Prevent Economic Meltdown2027: Peter Obi Vows, Says ADC Coalition 'll prioritize Nigerians’ WelfareTragedy! Liverpool Star Diogo Jota Dies in Car Crash in SpainFamily Announces Burial Date of Ex-Kwara Governor, Cornelius AdebayoSex Scandal: Baltasar Engonga, Ex-Equatorial Guinea Anti-Corruption Boss Bags 18 YearsFormer AGF Abubakar Malami Dumps APC, Joins ADCIt’s Another Big Brother Season Of DistractionsYou must marry me and my children, By Funke Egbemode
X whatsapp