Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. United Kingdom
  4. London Stock Exchange
  5. BP plc
  6. News
  7. Summary
    BP.   GB0007980591

BP PLC

(BP.)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

BP : Creating the next chapter in India's energy story

07/21/2021 | 12:38pm EDT

Thank you Vikram, honourable minister Puri, honourable minister Pradhan, Vijay, Dan, it is fantastic to see you all.

And a pleasure and honour to be invited to participate in today's event.

Let me take the opportunity to congratulate the honourable minister Pradhan on his new portfolio…

To recognise his very successful period in the Ministry of Petroleum and Natural Gas…

And to thank him for his support of bp.

I want to also congratulate the honourable minister Puri on his new portfolio.

I believe we both spent time at St Stephen's College in New Delhi. You as a lecturer and I as a student.

We have that in common and I'm sure much more.

I, and my colleagues at bp, look forward to working with you Minister Puri and your ministry as we continue our successful relationship together…And seek new opportunities in the next chapter of India's energy story.

And speaking of chapters, let me congratulate Vikram on his new book, The Next Stop.

Vikram, you offer great insights into the future energy needs of India, which of course has far-reaching resonance to the rest of the world.

I say that because all future energy growth seems set to come from non-OECD countries.

And as Dan [Yergin] rightly points out in his latest book, nowhere is that growth more important than in India.

Its India's great prosperity that could see its primary energy consumption more than double by 2050, according to bp's Energy Outlook.

Natural gas will play a critical role in India's energy transition, replacing coal as a cleaner fuel for electricity and transportation.

In fact, natural gas consumption could grow 6 times by 2050 on today's levels.

That's important because as Vikram says in his book, India can't leapfrog to renewables, instead a step-by-step approach is needed.

That's why the case for natural gas - as a medium and potentially longer-term fuel - is compelling:

  • As a displacement fuel for coal in emerging economies, particularly here in India and other parts of Asia.
  • As a reliable source of energy to address renewables intermittencies.
  • And increasingly, as a low carbon energy source, when combined with Carbon Capture Use and Storage, and as a feedstock for blue hydrogen.

So, gas is a big part of India's energy growth story - India is a huge part of the global energy growth story - and that makes India a huge part of bp's strategy.

And we see 4 enablers to help India lead the energy transition - 4 'I's:

The first 'I' is increasing gas production.

And as you will know, bp with its partner Reliance have given this a much-needed boost with the start-up from R-series last year and Satellites earlier this year - 2 months ahead of schedule in India's KG D6 block.

This is the second in a trio of developments together expected to meet around 25% of domestic gas production.

The second 'I' is integrating fuels to offer clean, reliable and affordable energy.

Again, bp can help here by offering a blend of fuels, in particular renewables and natural gas to help meet growing domestic demand while supporting the country's low carbon ambitions.

The third 'I' is incentivizing markets - less red tape, more red carpet, as the honourable prime minister Modi put it.

It is important that the above ground conditions are free from the type of restrictions that could hinder investment in India's domestic production.

And in this regard, I would like to compliment the government on the various reforms over last few years.

And the fourth 'I' is the sharing of infrastructure to increase the movement and availability of natural gas.

This in turn would build confidence among consumers that natural gas is a viable option, and of course it needs to be competitively priced, so it is affordable.

If you will forgive me just one more 'I' and why I believe India can have a successful energy transition, it is because of its ingenuity, which, like its resources, it has an abundance of.

Thank you.

Disclaimer

BP plc published this content on 19 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 July 2021 16:37:08 UTC.


ę Publicnow 2021
All news about BP PLC
10:19aBP : Kicks Off Oil, Gas Production At Gulf of Mexico Site
MT
09:09aBP starts oil output at offshore Thunder Horse expansion project
RE
02:52aBRITAIN BEGS DRIVERS : Don't fill old water bottles with fuel at gas stations
RE
01:21aAnalysts say "A supply crunch ...
AQ
09/27ADRs Close Higher; Oil Companies Rally
DJ
09/27GLOBAL MARKETS LIVE : Intel, Apple, Rolls-Royce, Raytheon, MGM...
09/27BP : British oil sector faces new hit before full pandemic impact
RE
09/27Energy Stocks Rally Premarket Monday
MT
09/27BP P L C : Energy
MT
09/27European Commission Green-lights BMW, Daimler, BP's Joint CHARGE NOW Acquisition
MT
More news
Analyst Recommendations on BP PLC
More recommendations
Financials (USD)
Sales 2021 183 B - -
Net income 2021 13 044 M - -
Net Debt 2021 38 957 M - -
P/E ratio 2021 7,30x
Yield 2021 4,76%
Capitalization 90 872 M 90 922 M -
EV / Sales 2021 0,71x
EV / Sales 2022 0,67x
Nbr of Employees 63 600
Free-Float 93,9%
Chart BP PLC
Duration : Period :
BP plc Technical Analysis Chart | BP. | GB0007980591 | MarketScreener
Technical analysis trends BP PLC
Short TermMid-TermLong Term
TrendsBullishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 4,54 $
Average target price 5,11 $
Spread / Average Target 12,7%
EPS Revisions
Managers and Directors
Bernard Looney Chief Executive Officer & Director
Murray Auchincloss Chief Financial Officer & Director
Helge Lund Chairman
Gordon Young Birrell Executive Vice President-Production & Operations
Paula Rosput Reynolds Senior Independent Director
Sector and Competitors
1st jan.Capi. (M$)
BP PLC30.02%90 922
EXXON MOBIL CORPORATION43.86%251 050
RELIANCE INDUSTRIES LTD27.16%217 116
CHEVRON CORPORATION21.93%199 135
CHINA PETROLEUM & CHEMICAL CORPORATION11.24%78 655
NESTE OYJ-13.25%46 118