BP executive Bernard Looney said in his lunchtime speech that there are plenty of reasons to remain optimistic about the UK oil and gas sector, despite recent job losses totaling 5500. “We’re a growth industry,” Looney said. “Not many industries can say that.”
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Looney. Image from OE staff. |
Looney illustrated his point by noting that recent forecasts suggest that energy demand will rise year on year, being one-third higher in 2035 than it is today and noting that an additional 1.6 billion people will need energy.
The Irish native touted the North Sea’s workforce, including those in Aberdeen, describing them as: “highly skilled, highly experienced and highly engaged.”
In addition to optimism, Looney said the industry need to remain realistic, citing numerous challenges including production efficiency.
“Many would ask ‘is the North Sea worth fighting for’ and at BP it is a resounding yes,” he said. “We’ve come through periods of low oil price before. Each low has come with a unique set of circumstances. The challenges have always been the same and our industry has always found a way. But, I fundamentally believe we can do it. It is anything but mission impossible.”
Looney discussed a three-part plan that includes embraces companies learning from each other, making further investments in the future, as well as innovation.
“We need more than rate cuts,” he argued. “We will be successful by driving out waste and driving up efficiency.
“We can learn a huge amount from our supplies. They hold a mirror up to our operators and show us what we can’t or don’t want to see.”
During his conclusion, Looney discussed how to pitch the industry to newer generations, saying that it is not a sunset industry.
“This is an exciting industry, it still offers opportunity to take your skills around the world.
“We need to be proud to work for this industry,” he said. “We operate a vital business, raising living standards and making people’s live better.”
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