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BP CEO calls IEA net zero scenario ‘credible’ despite planning more oil and gas projects

Business

The CEO of BP has described an IEA net zero scenario calling for the end of new oil and gas projects as “credible”, despite the firm planning major fossil fuel developments.

A landmark report last month from the International Energy Agency (IEA) set out that no new oil and gas projects should be approved and exploration should stop in order to achieve net zero emissions globally by 2050.

BP CEO Bernard Looney discussed the IEA report at the opening of the Oil and Gas UK (OGUK) industry conference on Tuesday.

Mr Looney said: “Oil and gas is going to be around. It’s not a popular thing to say in some camps but there isn’t a scenario out there that’s credible, including, by the way, the IEA net zero scenario, that doesn’t have oil and gas in it in decades to come.”

It comes as BP plans major oil and gas project sanctions in the coming years which would appear to be in conflict to the scenario, such as Clair South, the third phase of the multi-billion barrel Clair field west of Shetland.

Internationally, the firm is also due to greenlight schemes such as the Greater Tortue Phase 2 and 3 developments in West Africa.

However BP’s journey to net zero, and that of the UK sector at large, differ from the pathway set out by the IEA.

The firm is transitioning from an International Oil Company to an International Energy Company, cutting oil and gas production by 40% by 2030 and increasing investment in renewables 10-fold in that period.

OGUK broadcast a pre-recorded interview between its CEO Deirdre Michie and BP chief exec Bernard Looney

BP plans to go net zero on an absolute basis across its operations by 2050 or sooner, and reduce emissions on the products it sells by 50% by 2050 or sooner.

Rival Shell was last month ordered by a Dutch court to increase its 2030 target for cutting emissions from 20% to 45%.

Mr Looney’s comments to OGUK come after BlackRock, the world’s largest asset manager and the top investor in BP, said on Friday it had backed a shareholder resolution calling for faster action on climate change, which the BP board had opposed.

The Follow This amendment called for BP to publish short, medium and long-term targets to reduce emissions, consistent with the 2015 Paris Agreement.

Speaking to the conference, Mr Looney said oil and gas, specifically the latter, is needed for parts of the world to transition.

He said: “If Asia is going to meet some of its targets then we’ve got to stop burning coal and burn something else and, quite frankly, the quickest way to do that is natural gas.

“That’s a big part of acknowledging some realities. People talk about our strategy, oil and gas is core to BPs strategy. Without oil and gas we can’t transition.”

Mr Looney was joined on the opening session by Deirdre Michie, chief executive of Oil and Gas UK, who said it would be “grossly irresponsible” to shut down the sector while society is still in need of its products.

Discussing the IEA scenario, she said: “We know that prematurely shutting down domestic supply does nothing to stop demand.

“In fact, in my opinion, it would be grossly irresponsible to shut down our sector while we’re still in need of its products. Not only would this undermine our energy security, it would also damage livelihoods, local communities and the wider economy.”

Ms Michie highlighted that her trade body agrees with the IEA on areas including ramping up CCS, hydrogen production and use of domestic supply rather than imported fuel, which has a higher carbon footprint.

The North Sea sector has already committed to halving emissions in the next 10 years on the road to net zero by 2050.

energy voice



4 Comments on "BP CEO calls IEA net zero scenario ‘credible’ despite planning more oil and gas projects"

  1. Theedrich on Sat, 5th Jun 2021 11:32 pm 

    The Biden plan: make America a failed state. Import narcotics to stupefy the populace.  Seize total power by promising to cure all and do all (never mind the cost).  Halt biological evolution for once and for all in order to gain the support of the lowest races and least intelligent.  Direct social and tech orgs to cancel all countervailing voices as racistically evil and/or insane.  Enlist the support of Marxists and Mafias, and encourage the armies of useful idiots in the colleges and universities to brainwash the young.

    Make BigJews and global elites the covert directors of everything, and criminalize not only subversive speech but deviant thought as well.  Spy on every citizen and resident alien through hi-tech means (as Snowden has revealed).  The ChiComs have shown the way.  Make sure the TV-hypnotizees acknowlege Bidey as a beneficent divinity and Beloved Leader.  Import the young offspring of subhuman females who deliberately abandon their droppings for Whitey to care for.  (Such abandoment is rare among non-drug-addicted White women, so Whitey tells himself he must take responsiblity for the rejects and increase the dark metastasis.  After all, Jesus said White genosuicide is the way to heaven.)  Use foreign wars to gain patriotic support for the regime and destroy the lives of more thousands of naïve young White conscripts.  Introduce a one-party dictatorship to enrich Bidey & Co.  In which his supporters will get “good-paying, union jobs.”

    Make it a regime of death.

  2. Biden's hairplug on Sun, 6th Jun 2021 5:25 am 

    Make BigJews and global elites the covert directors of everything, and criminalize not only subversive speech but deviant thought as well. Spy on every citizen and resident alien through hi-tech means (as Snowden has revealed). The ChiComs have shown the way. Make sure the TV-hypnotizees acknowlege Bidey as a beneficent divinity and Beloved Leader. Import the young offspring of subhuman females who deliberately abandon their droppings for Whitey to care for. (Such abandoment is rare among non-drug-addicted White women, so Whitey tells himself he must take responsiblity for the rejects and increase the dark metastasis. After all, Jesus said White genosuicide is the way to heaven.) Use foreign wars to gain patriotic support for the regime and destroy the lives of more thousands of naïve young White conscripts. Introduce a one-party dictatorship to enrich Bidey & Co. In which his supporters will get “good-paying, union jobs.”

    If nothing will happen to stop this development, the US will become the next USSR. I have always said that I think 60-40% that at some point white America WILL revolt. I can easily say that, since that statement isn’t falsifiable anyway.

    The old America is gone, no matter what. The Dems have won, supported by shifting demographics. Most whites know that, deep inside, but they need to seek the courage to openly revolt, which will be a messy thing, to say the least (think civil war in the worst case.) Secession is the only realistic way out. It happened to the USSR, fell apart in 15 pieces.

    In Europe, 4 mass expulsions of the Jews have happened throughout history:

    1. Britain, 1290, Kind Edward
    2. Spain, Muslims + Jews, Inquisition, 1492
    3. Nazis, throwing out most Jews from Europe (1942-1944)
    4. Russia, gradually 1938-1970: most Jews expelled to Israel (most present day Israelis are of Russian descent)

    Now it is America’s turn. If not, face the Gulag, with guards of color, a too embarrassing possibility to contemplate. Fortunately for white America, entire Eurasia would love to see ZOG go. Paradoxically, a US white nationalist should hope for a US defeat in East-Asia at the hands of China over Taiwan. An attempted mobilization of America in order to stop China, could backfire, and be the triggering point for an armed insurrection at home, under the motto: “if we have to risk dying in Asia, we might as well risk dying in the US”. But I tend to think that if China really calls Washington’s bluff over Taiwan, that the US won’t bite and give up on Taiwan without a direct confrontation. They will attempt secondary action like naval blockades of the Gulf and the like. It won’t matter. The Chinese New Silk Road strategy is designed to deal with exactly that situation.

  3. makati1 on Sun, 6th Jun 2021 4:23 pm 

    Theedrich, the entire plandemic is the excuse to take down the West to the level of the other 150+ countries. There seems to be a race to the bottom by the US, UK, EU, and Australia.

    When the side effects of the mRNA genetic experiment kicks in, the West will go into free-fall. The years ahead are going to be difficult for those who took the mNRA jab. Maybe deadly. We shall see.

    Only a very small percentage of the rest of the world has been jabbed with the mNRA junk. Russian and Chinese vaccines are being used here. That is a good thing for the Filipinos. It is just the flu, people. The rest is hype and propaganda scare mongering.

  4. makati1 on Sun, 6th Jun 2021 4:24 pm 

    Oops! Forgot Canada in the Western group. But then, it is a part of the US these days. Almost the 51st state.

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