1. BP aims to stick with oil and gas to benefit from rising oil prices
MOSCOW (MRC) -- BP will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Chief Executive Bernard Looney told Reuters. The recent rally in crude prices, which climbed on Tuesday to a more than two-year high above USD75 a barrel, is likely to continue, Looney said in an interview at the Reuters Events: Global Energy Transition conference. "There's a very strong possibility that these prices will sustain over the coming years, and if they do, that's very good for our strategy." Higher oil prices mean BP will be able to raise more cash from selling assets that will go towards building its renewables and low-carbon business, as well as returning money to shareholders via share buybacks, he said. The 50-year old Irishman brushed aside investor concerns that BP might miss out on the rally because of its plan to slash oil output by 40% and grow its renewables output 20 fold by 2030 as part of its energy transition.