BP CEO Bernard Looney says he will not further scale back his energy transition strategy after ceding some ground earlier this year, despite investors penalizing the group over its plan to break away from rivals in cutting oil and gas output.
Oil and gas remain BP's main source of revenue by a large margin, helping lift the company's profits to"We're holding our nerve on the transition," the 53-year-old Irishman said in an interview with Reuters in his office at BP's headquarters in central London.
"We believe that you must invest in today's energy system," he said. "On the other hand, we believe the world needs to transition... that creates opportunity for our company." "We can sit here today and say, is oil going to grow at 1% per year, 1.5%, or half a percent? We can debate that natural gas is going to grow at 2%."
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