BP's chief executive said on Saturday that the world must invest in the production of oil and gas to avoid price spikes while accelerating the energy transition to combat greenhouse gas emissions.
“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 energy transition,” Bernard Looney told the B20 conference in New Delhi.
Global gas prices surged seven-fold last year as 3 per cent of global gas supplies were hit following Russia's invasion of Ukraine, forcing countries to boost energy spending and shift to coal, Mr Looney said.
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 International Energy Agency watchdog expects global oil demand to hit a record 2.2 million barrels per day this year.
Mr Looney said his company would invest 40 per cent of its capital on energy transition projects by the middle of this decade and 50 per cent 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, 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 start-up BluSmart.
“I have every expectation that we will do more in India in years to come,” Mr Looney said.
The biog
Name: Sarah Al Senaani
Age: 35
Martial status: Married with three children - aged 8, 6 and 2
Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
Occupation: Communication specialist at a government agency and the owner of Atelier
Favourite cuisine: Definitely Emirati - harees is my favourite dish
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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%3Cp%3E%3Cstrong%3ECreated%20by%3A%20%3C%2Fstrong%3EJesse%20Armstrong%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brian%20Cox%2C%20Jeremy%20Strong%2C%20Kieran%20Culkin%2C%20Sarah%20Snook%2C%20Nicholas%20Braun%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
SPECS
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