Oil and gas are included in the energy system “for the next few decades”: BP Chief


BP CEO Bernard Looney said Monday that oil and gas will continue to play a continuing role in the world’s energy system for decades.

British multinational oil and gas company Net Zero Company by 2050 The CEO said two major industries in the energy market will continue to play a role, either in their efforts to tackle climate change or because of their active focus on reducing emissions.

“It may not be common to say that oil and gas will be included in energy systems over the next few decades, but that’s the reality,” Rooney said. CNBC At the ADIPEC Energy Industry Forum in Abu Dhabi.

“What I want to do is focus on the purpose, and I want to reduce my idealistic position and focus more on the purpose. In this case, reduce emissions.”

Replacing coal with natural gas “needs to be good,” Rooney said, as it reduces carbon emissions. “And over time, it decarbonizes that natural gas,” he said.

Former CEO Told Reuters In June, BP will continue to produce hydrocarbons for decades to come and will benefit from rising oil prices, even if measures are taken to reduce carbon emissions.

Looney’s latest comment is the November 13 Global Climate Change Agreement that about 200 countries attending the COP26 Climate Change Conference in Glasgow, Scotland, will “stage abolish” unabated coal. After agreeing to. Known as the “Glasgow Climate Agreement,” the agreement came after China and India made last-minute changes to the wording about the use of coal-fired power.

Unabated coal-fired power is the combustion of coal without carbon recovery and storage. An early draft of the agreement called for the phasing out of all coal as an energy source.

197 countries have also agreed on rules on international trading of carbon credits and the abolition of “inefficient” fossil fuel subsidies, with high carbon emissions countries better to reduce emissions by the end of 2022. We promise to submit strong goals.

Climate change activists, including the Climate Council, Australia’s climate change communications organization, are calling for a complete reduction in coal.

Rooney told CNBC that BP has made great strides in its focus on renewable energy, “I don’t think anyone is looking at BP objectively and isn’t committed to the transition.”

“More than 12 months ago, renewable energy was less than 10 gigawatts, but now we have pipelines that exceed 23 gigawatts. Twelve months ago there was nothing in offshore wind, but today it’s 3.7 gigawatts. We are in the world’s largest and fastest growing market in the United States and the United Kingdom. Although there was little hydrogen, today we have a great partnership with Adnock, and Masdar and BP have become blue over time. Develop green hydrogen, “he said.

“So we’re committed, we’re all working on it,” he added.

Meanwhile, President Joe Biden announced earlier this month a new ambitious plan to reduce global methane emissions by 30% by 2030, starting with oil and gas wells.

The new U.S. Methane Emissions Reduction Action Plan takes advantage of “common regulation, catalytic financial incentives, practical data transparency and disclosure, and public and private partnerships” for all major Identify and reduce methane emissions from its source, White, in a cost-effective manner. House said in a statement on November 2.

The new plan aims to “protect public health, promote US innovation in new technologies,” and help create jobs for tens of thousands of skilled workers across the United States.

Catabella Roberts

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Katabella Roberts is a reporter currently based in Turkey. She focuses primarily on the United States and covers the news and business of The Epoch Times.

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