Oct 10, 2018

BP chief Dudley says oil and gas remain crucial for energy demand

BP launched a broadside against those calling for investors to sell out of oil and gas companies and warned this approach threatened energy security and the global economy. Chief executive Bob Dudley said on Wednesday that, despite the transition towards a low carbon world, oil and gas will be crucial for meeting future energy demand. The campaign for divestment, to "Squeeze" oil and gas out of the fuel mix, was a misguided attempt to "Drive a wedge between the energy industry and investors". A move to tackle emissions was not adequately addressing the other half of what Mr Dudley calls the "Dual challenge" facing the energy sector - ensuring enough energy supplies for the world. "Many trillions of dollars of investment in oil and gas will still be required to counter the substantial decline rates of existing fields," said Mr Dudley.

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