BP CEO Looney on Strategy, Green Energy

Jul.13 -- BP CEO Bernard Looney spoke to Bloomberg's Alix Steel on the company's strategy, the importance of hydrocarbons to the green energy transition, and why Rosneft is a core part of BP's strategy.

[@innocentiuslacrim2290]

All this sounds very good. As a shareholder I hope that the intent is real and execution is successful. Transformations like these are very difficult when they are centered around the core business.

[@dipladonic]

To any real extent, there will be no real transition from utilitarian, energy-dense hydrocarbons, to unreliable, dilute wind and solar. The physics, the chemistry, and ultimately BP fundamentals and shareholders simply won't allow it...and if Bernard thinks that he's going to reduce hydrocarbons by 40% and thereby replacing them with heavily subsidised, unreliable and diffuse wind and solar he's in for a shock!. When the sheeple realise that wind and solar are the biggest con ever, these renewables will have their day of reckoning.

[@ssuwandi3240]

Well Sheepies just realized thar Bernard just got sacked over an affair

[@warrenz597]

Good luck! Looney has a great vision and I hope he succeeds.

[@manujagro]

Going green has become much more popular in recent years. Going green is not just a fad but is instead an effective way to improve the environment in which we live by making use of existing resources to their fullest potential.

[@dipladonic]

"Going green" is exactly the wrong way to "improve the environment". Wind and solar need to be 100% backed up, largely by conventional hydrocarbon energy. A conventional energy grid running in parallel with a parasitical wind and solar one is highly inefficient. Until the grid-scale storage problem is resolved (we are currently nowhere near resolving it), fossil fuel use won't reduce anytime soon. As far as your "improving the environment" is concerned, nothing has helped to enrich our lives in the way that fossil fuels have, The human "environment" has never been better thanks to hydrocarbons. I'm all for "making use of existing resources to their fullest", but diffuse, unreliable, parasitical, wind and solar energy are not the answer.

[@innocentiuslacrim2290]

@@dipladonic You call non-polluting forms of energy production as parasitic and environmentally destructive as the "biggest source of human enrichment". There is just so much toxicity in your attitude that I am doubtful that you respond well to rational arguments. Lets start from the basics: do you agree with the overwhelming scientific evidence that CO2 pollution is a deadly threat to us and our environment and major destroyer of biodiversity or do you agree only partially in this or not all? Considering your provisional agreement: do you think hydrocarbons will be net beneficial to us going forwards from this point?

[@dipladonic]

@@innocentiuslacrim2290 Re: your "There is just so much toxicity in your attitude"...why don't you cut out the ad hominem, stick with the facts, and start at the beginning of this chat... You must realise that wind and solar energy are intermittent, unreliable and dilute (globally generating at an average of circa 30% of installed capacity), they need to be 100% backed up (usually with conventional energy), and thus wind and solar cannot work without a reliable energy grid running in parallel (because utility-scale energy storage is a fallacy thus far)! Can you refute my statements..."Wind and solar need to be 100% backed up, largely with conventional hydrocarbon energy" and "Until the grid-scale storage problem is resolved (we are currently nowhere near resolving it), fossil fuel use won't reduce anytime soon"?

[@ducnguyenvan7985]

how did you do it can you share with me , thank you

[@aaronvallejo8220]

BP CEO said...Offshore wind 3.7 GW, Renewables pipeline 4 GW to 23 GW, 7,000 to 10,000 charging points, 31 solar pv projects also meet the 8% to 10% return on financial investment threshold...he said.

[@aaronvallejo8220]

This transition to renewably powered electricity...helped by high insulation in all our buildings and home, high efficiency, on site renewables, electric floor heating, electric vehicles and renewables powering grid batteries...will allow us as a global society to leave fossil fuels in the ground.

[@dipladonic]

Don't be foolish. Your "transition" via highly subsidised, dilute, intermittent, impractical, and unreliable grid-scale renewables which have very little utility when compared to highly taxed, energy-dense, cheap, plentiful, portable, flexible, and reliable hydrocarbons is a fallacy. All of these renewables will have a day of reckoning when the day dawns that without subsidies they are not viable and that without sufficient storage they have got to be backed up 100% with conventional energy.

[@aaronvallejo8220]

@@dipladonic New wind farms on the Canadian prairies are selling unsubsidized electricity to regional grids at 3.7 cents per kilowatt hour! This is why renewables are booming around the planet...they are the cheapest and fastest forms of new electricity supplies. In 2020, new global renewable installations grew by 50% to 260 GW or 260,000 MW.

[@dipladonic]

@@aaronvallejo8220 You clearly don't have a clue about the subject that you are commenting on, which is exactly what Looney and government rely upon. All grid-scale renewables are subsidised via top-down governmental mandates such as renewable obligation schemes, carbon taxation, cap in trade, smart export guarantees, emissions trading schemes, and feed-in tariffs, etc, etc, etc (which the end-user i.e. you and I pay for)...without such subsidies, Looney's 8 - 10% return threshold would be unachievable and these renewables would be uninvestable. As far as saving the planet is concerned, grid-scale wind and solar are the biggest con ever, but they will have their day of reckoning when people realise that wind and solar have got to be 100% backed up via water/steam-driven conventional electricity generation.

[@michaellorenz2646]

Die Aussagen zu Rosneft sind phantastisch und machen sehr viel Sinn (ab 21 min)

[@bobzelley5100]

What happened that he has been dismissed and bp took $40 million from him

[@Heresheis0818]

6:05

[@mrpmj00]

.._FAANG stocks (Facebook, Apple, Amazon, Netflix, Microsoft) and Intel... ___Disney, Wells Fargo, Boeing, Walgreens for the recovery. Warren buffet quotes: It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.

[@mikepict9011]

And your wives , don't love you . At all $$$$$$