The international oil company, BP, said that the countries of the world should invest in oil and gas production to avoid sharp rises in their prices, while accelerating the transition in the field of energy to counter greenhouse gas emissions.
Global gas prices rose seven-fold last year, CEO Bernard Looney said, in New Delhi, as 3% of global gas supplies were affected in the wake of Russia’s invasion of Ukraine, forcing countries to increase energy spending and shift to coal.
“We need both,” Looney said. We must invest in today’s energy system responsibly, and at the same time invest in accelerating the energy transition. He added that BP will invest 40% of its capital in energy transition projects by the middle of the current decade and 50% by the end of the decade. We will invest between $55 and $65 billion in this decade to drive the growth of the energy transition.
(Reuters)
2023-08-26 10:40:26
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