New Delhi: Energy giant BP’s chief executive officer Bernard Looney on Saturday said there is a need to invest in conventional energy, including oil and gas, along with renewables and energy transition.
Speaking at the sidelines of B20 Summit India 2023 Looney said “We must continue to invest to make sure that production is there. But at the same time, we must invest in the energy transition.”
He was of the view that there is a need for investing in conventional energy sources along with accelerating the energy transition.
The BP CEO also noted that the company has increased its capital expenditure for energy transition from 3% in 2019 to 30% now.
“As BP, we spent 3% of our capital on our transition growth engines in 2019, just three years later, that number had risen to 30%. That number, we hope, will rise to 40% by the middle of the decade and 50% by the end of the decade.”
He said that the company will spend $55-$65 billion in this decade for energy transition.
Further, Looney said BP in partnership with Reliance Industries is trying to get EV charging infrastructure at their retail outlets. At present, the joint venture has over 1,620 retail outlets.
“That’s going to be so critical for India… not just for the net zero goal by 2070, but importantly, the energy independence goal by 2047,” he said.
“If we can get the two-wheelers, the three-wheelers, and over time, the passenger vehicles converted to electric, I think that’s going to be hugely important for the country. So, we’re very excited to be investing in that.”
He further said that the company is also investing in compressed natural gas.
Speaking at the B20 Summit organized by CII, Looney said that oil and gas will continue to be key sources of energy for decades and it will be critical to maintain a global demand-supply balance.
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Updated: 26 Aug 2023, 07:48 PM IST