World Oil executives push for clean energy, but say they need fossil fuels

A quiet registration desk view in Houston, Texas, USA REUTERS / Sabrina Valle

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Houston, December 6 (Reuters) – The International Energy Conference on Future Technologies and Low Carbon Strategies on Monday, along with senior energy companies in Houston, reaffirmed the need for more oil for decades to come.

The four-day World Petroleum Conference kicks off with the CEOs of the world’s largest ExxonMobil Corporation (XOM.N), Saudi Aramco (2222.SE) and HAL.N. As the world shifts to clean fuel.

Global oil demand has risen sharply in 2021, with natural gas already ahead of the epidemic and oil reaching the 2019 level. Limit access to fuel or limit demand, and increase prices. At the same time, many of the world’s largest oil producers have not been able to meet their targets.

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“The world is in a state of turmoil,” said Amin Nasser, chief executive of Saudi Aramo. They think the right transition strategy is in place. This is not it; It is clear that they are not getting enough attention in terms of energy security, economic development and capacity. As long as they are not and until we clear the gaps in the transition strategy, the chaos will intensify.

Large global corporations, particularly in Europe, are restricting exploration and production by encouraging efforts to shift to renewable energy and to reduce global carbon emissions.

According to Anded Opedal, CEO of Norwegian EQNR.OL, energy companies have a responsibility to reduce emissions and provide energy. “We have wanted oil and gas for many years but it has reduced emissions,” he said.

Exxon announced Monday that it plans to achieve zero zero greenhouse gas emissions from assets in the US Permian Basin by 2030, part of a plan to reduce greenhouse gas emissions by 40% to 50% by 2030. Read more

Exxon CEO Darren Woods said at the conference: “The fact remains that oil and natural gas, including net zero routes, have played a major role in meeting the needs of the community.

US officials took advantage of the situation to discuss President Joe Biden’s clean energy agenda and the need to address higher fuel prices for consumers. In his first year in office, the Biden administration had a troubled relationship with the fossil fuel industry.

U.S. Deputy Energy Minister David Turkey said oil majors should “go flat” and be part of a climate solution. “The first movers will have significant benefits.”

He also said Washington would “not be a hindrance” to companies willing to increase domestic oil production as the industry seeks to fully recover.

“We must ensure that everyone has a fair, reliable and invincible power,” he said.

BP.L. is investing $ 1 billion globally to reduce emissions from refineries, said David Lauller, CEO of BP America and CEO of BPX, at the conference.

OPEC Secretary-General Mohammed Barcindino and energy ministers of major oil producers such as Saudi Arabia, Kazakhstan and Qatar have been suspended due to travel restrictions related to the Korona virus. CEOs of BP, Sonatrach and Qatar Energy.

Their absence was due to “travel restrictions and risks” due to differences in the Omicron COVID-19, the authors said. He was replaced by the CEO of BP US, the spokesman said.

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Additional information by Gary Macwillis, Erwin Seba and Mariana Paraga; Edited by Jason Nellie and Margarita Choi

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