Speaking at the Caribbean Sustainable Energy Conference, David Campbell, President of bp Trinidad and Tobago, said that bp has changed since the launch of its new purpose, which is to move toward NetZero by 2050 or sooner. He said you could see the change in all areas, including in investments. Two years ago, the company was making 3 percent of new investments in non-oil and gas, this year, he said it would be 30 percent, and it would move to 50 percent in two years’ time.
When it comes closer to home (in T&T), “it’s very much an ’and‘, not an ’or‘ conversation,” he said. “Yes, the world wants to decarbonise, but it also wants a planned and non-chaotic transition. bp will invest in both oil and gas and almost equally in new areas. In Trinidad and Tobago, the company just invested in a large-scale solar plant; bp has invested US$800 million in Trinidad and Tobago this year, and over $3.5 billion over the last four years.”
Campbell said that natural gas had an important role globally in the energy transition. He added that the industry had not done a good job in highlighting the difference between natural gas and other fossil fuels.
“It’s important because it is a bridge fuel,” he said, adding that investments in gas must continue for some time while other sources of energy, including renewable energy, are brought on. ”It’s important to also use natural gas as a backup. Natural gas is critical for the production of petrochemicals, which are needed by the world.”
The bpTT president highlighted that Trinidad and Tobago was very important to bp, since 10 percent of the company’s total production came from the country—the largest net natural gas producer in bp’s business portfolio. He added that it was always important to bp and continues to be.
Campbell said: “We would like more gas in our portfolio in bp, and I see a real potential growth story in TT. The real prize is moving into the deepwater. We are working with Woodside and the ministry to go after blocks and shooting seismic, trying to bring more gas in. bp and the world want and need that gas from Trinidad.”