By Leman Zeynalova – Trend
On a wider and longer-term basis, lower oil prices have been welcome, Bernard Looney, Chief executive, Upstream at BP said during the International Petroleum Week in London.
Firstly, it has been good for billions of consumers, he said, adding that affordable energy lifts people from poverty and stimulates economies.
"However, I think this change has also been very good for our industry. It has forced us to confront inflation and waste. Those issues were obscured in a $100 world, but they were brutally exposed in a $50 one,” said Looney. "We face a choice between evolution and irrelevance – and we are evolving. We have embedded new levels of capital discipline in projects and new levels of efficiency in operations. We have not just applied new technology, but the newest technology, and not just from our industry.”
Regarding the low carbon transition, he said there is no denying this is a challenge, commercially.
And what is more, the oil industry needs to be part of the world’s strategy for sustainable energy development, he said.
"We are not talking about an overnight switch from traditional fuels to renewables. We are looking at a gradual transition to a lower-carbon mix over several decades,” Looney explained.
He pointed out that oil and gas will be used in a highly efficient way.
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