BP committed to large role in US energy future – CEO

06 March 2013 17:22  [Source: ICIS news]

HOUSTON (ICIS)--Uncertainty may be the norm for the US crude oil and natural gas industries, but BP has been a constant throughout the years and will be continue to be in America’s burgeoning energy future, the company’s CEO said on Wednesday.

“We’ve been a part of America’s energy history, and we plan to be a part of America’s energy future,” Bob Dudley said during his keynote address at IHS CERAWeek.

Dudley reaffirmed BP’s commitment to the US oil and gas development, noting that more than 20% of the company’s daily oil equivalent production – 675,000 bbl – comes from the US.

That number should grow as the company develops more tight, shale and deepwater oil in the future, he said. BP has invested $55bn (€42bn) in the US over the last five years, more than any other energy company, he said.

Part of that commitment is to alternative energy, with BP investing $8bn in the last eight years on renewables. More than half of that has been spent on wind farms, as well as on advanced biofuels, Dudley said.

Altogether, companies such as BP are not just fuelling Americans’ energy needs – they are fuelling economic growth, he said, with oil and gas employment in the US having risen 27% since 2008.

“This industry is not only transforming the energy of America but also the economy of America,” Dudley said.

($1 = €0.77)

By: Jeremy Pafford
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