scorecardresearch
Saturday, December 14, 2024
Support Our Journalism
HomeEconomyBP urges more oil, gas investment while speeding energy transition

BP urges more oil, gas investment while speeding energy transition

Follow Us :
Text Size:

(Corrects Aug. 26 story to fix typos in para 1 and 3, IEA’s growth projection in para 5)

By Nidhi Verma and Mohi Narayan

NEW DELHI (Reuters) -Global oil major BP said the world must invest in the production of oil and gas to avoid sharp price spikes while accelerating the energy transition to combat greenhouse gas emissions.

Global gas prices surged seven-fold last year as 3% of global gas supplies were hit following Russia’s invasion of Ukraine, forcing countries to boost energy spending and shift to coal, BP CEO Bernard Looney said in New Delhi.

“We need to do both. We need to invest in today’s energy system responsibly and, at the same time, we must invest in accelerating the energy transition,” Looney told the B20 conference.

Energy transition has to be orderly to maintain its pace as emission levels have risen since the Paris conference on climate change in 2015, despite global efforts, he said.

The Paris-based energy watchdog International Energy Agency (IEA) expects global oil demand to climb by 2.2 million barrels per day (bpd) in 2023 to reach a record high of 102.2 million bpd.

Looney said his company would invest 40% of its capital on energy transition projects by the middle of this decade and 50% by the end of the decade. “We will invest between $55 and $65 billion as BP this decade in energy transition growth engines,” he said.

BP, investing in energy projects in India along with its partner Reliance Industries Ltd, has set up about 3,000 electric vehicle charging points to date, up from 750 in January. The two have set up 300 battery swapping stations.

BP has invested in India’s gas sector, and its venture arm has bought a stake in electric ride-hailing startup BluSmart.

“I have every expectation that we will do more in India in years to come,” Looney said.

(Reporting by Nidhi Verma and Mohi Narayan in New Delhi; Editing by William Mallard)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

Subscribe to our channels on YouTube, Telegram & WhatsApp

Support Our Journalism

India needs fair, non-hyphenated and questioning journalism, packed with on-ground reporting. ThePrint – with exceptional reporters, columnists and editors – is doing just that.

Sustaining this needs support from wonderful readers like you.

Whether you live in India or overseas, you can take a paid subscription by clicking here.

Support Our Journalism

  • Tags

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular