Bernard Looney, who will replace Bob Dudley as the CEO of the Anglo-Dutch oil major, has unveiled ambitious goals for BP to reduce its carbon footprint, which include reducing the company's oil and gas output over time. Additionally, Looney has emphasized the importance of novel technologies and increase biofuels production. However, some market watchers believe that Looney's aim for the "highest quality barrels" could possibly involve divesting smaller fields and instead focusing on larger oil and gas fields, which will allow BP to lower the ratio of emissions to output. Additionally, the company could also support plans to establish a "green energy hub" located on the Shetland Islands, which will provide renewable power to the Clair heavy oil field. Looney may opt to invest in Guyana and subsalt fields in Brazil. At the same time, some market watchers believe that Looney may choose to sell refineries that are not able to utilize carbon capture and storage. While the company has improved its refining metrics over the past 10 years, BP's refining capacity is a third lower compared to a decade ago.
展开▼
