BP to stick with oil and gas for decades, CEO Looney says – Reuters

  • Date: 24-Jun-2021
  • Source: Reuters
  • Sector:Oil & Gas
  • Country:Gulf
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BP to stick with oil and gas for decades, CEO Looney says – Reuters

LONDON, June 22 (Reuters) - BP (BP.L) will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Chief Executive Bernard Looney told Reuters on Tuesday.

The recent rally in crude prices, which climbed on Tuesday to a more than two-year high above $75 a barrel, is likely to continue, Looney said in an interview at the Reuters Events: Global Energy Transition conference.

"There's a very strong possibility that these prices will sustain over the coming years, and if they do, that's very good for our strategy."