BP on Tuesday said it was boosting spending on oil and gas as much as it will on what it calls “transition growth engines,” a sign of both the pushback energy giants have received for their moves into the renewable energy space as well as the need for energy security and affordability.
“It’s... BP on Tuesday said it was boosting spending on oil and gas as much as it will on what it calls “transition growth engines,” a sign of both the pushback energy giants have received for their moves into the renewable energy space as well as the need for energy security and affordability. “It’s clearer than ever after the past three years that the world wants and needs energy that is secure and affordable as well as lower carbon – all three together, what’s known as the energy trilemma,” said CEO Bernard Looney in a statement.
Oil and gas production is expected to rise to 2.3 million of oil equivalent barrels by 2025 but fall to around 2 million in 2030.
Pragmatic