Sense Strategy’s Founder and CEO Mr Erik Almqvist met with Becky Anderson CNN and CEO’s and executives of Occidental, Equinor, Shell, TotalEnergies, bp, ENI and Petronas, ExxonMobil, ADNOC, Aramco, Dragon Oil, Mubadala Energies and representatives of the European Union.
Amid a turbulent and record-breaking year for the industry, the COP28 President and Minister Dr Sultan Ahmed Al Jaber, UAE’s Minister of Industry and Advanced Technologies (MoIAT), stated that "We need a system-wide holistic transformation of entire economies - economies that currently run on the equivalent of 250 million barrels of oil, gas, and coal every single day. "For too long, this industry has been viewed as part of the problem, that it's not doing enough and in some cases even blocking progress. This is your opportunity to show the world that, in fact, you are central to the solution," he said, addressing major energy companies.
Comments from leading executives included:
“We can deliver net negative carbon oil.” - Vicki Hollub, President and CEO Occidental.
“We have seen the impact of climate change, in Bangladesh, in South Asia. At the same, 250 million barrels of oil equivalents can’t be replaced overnight”. - Tengku Muhammad Taufik, CEO Petronas.
“In Europe we can go faster with renewables. I don’t know if we’re going to have peak oil in 2030. But it’s very dangerous to say that we have to reduce investment because that is against the transition. If oil investment – and therefore supply – drops and fails to meet demand, prices will surge, crippling the economy.” - Claudio Descalzi, CEO of Italian multinational energy company Eni.
"I am surprised how fast hydrogen is coming - blue hydrogen, green hydrogen." - Murray Auchincloss, Interim CEO bp.
