(The Center Square) – As BP reported oil demand will decline even as energy demand increases, the energy giant continues to diversify into the renewables energy market.
The ultimate impact on the industry remains to be seen, Todd Staples, president of the Texas Oil & Gas Association, told The Center Square.
“The U.S. oil and natural gas industry is making an unmatched contribution to efforts to protect and improve the environment while providing the energy that is essential for clean, safe and healthy communities,” Staples said. “This industry will continue to lead the way with the investments, innovations, advancements and pioneering technologies that are driving environmental progress the same way it has over the past few decades, making America’s environment cleaner than ever before.
Staples also spoke about the market for natural gas exports.
“At the same time, the United States is helping to improve air quality and the human condition around the world by exporting liquefied natural gas,” Staples told The Center Square. “The industry is demonstrating that it can meet the world’s energy needs while innovating technologies that will advance continued climate progress.”
The company issued its annual energy report on Sept. 14, which outlines several scenarios.
“The Energy Outlook explores the forces shaping the global energy transition out to 2050 and the key uncertainties surrounding that transition,” the company’s website states. “The global energy system is likely to undergo a fundamental restructuring in order to decarbonize, which will create challenges and opportunities for the industry. Three main scenarios – Rapid, Net Zero, and Business-as-usual – provide a range of possible outcomes to understand the range of uncertainties ahead.”
In response to shifting consumer demand, BP recently completed a $1.1 billion deal with Norwegian energy company Equinor, the Texas Standard reported. CEO Bernard Looney also said the company would aim to invest $5.5 billion annually in renewable energy.