In efforts to contain the global rise of oil and gas prices, bp emphasized the importance of investing in oil and gas production while accelerating the energy transition to address greenhouse gas emissions effectively.

Addressing the B20 India Summit 2023 held in New Delhi on August 25-27, Bernard Looney, the CEO of British Petroleum (bp) said that global gas prices saw a seven-fold increase in the previous year, noting that about 3% of the world’s gas supply were affected by Russia’s invasion of Ukraine forcing countries to boost energy spending and shift to coal.

“We need to do both. We need to invest in today’s energy system responsibly and, at the same time, we must invest in accelerating energy transition,” Looney said.

bp plans to invest 40% of its capital in energy transition projects by the middle of this decade and to have this percentage rise to 50% by the end of this decade. “We will invest between $55 and $65 billion as bp this decade in energy transition growth engines,” Looney added.

Investing in energy projects in India along with its partner Reliance Industries Ltd (RELI.NS), bp has set up about 3,000 electric vehicle charging points to date, up from 750 in January. The two have set up 300 battery-swapping stations.

bp has also invested in India’s gas sector, and its venture arm has bought a stake in electric ride-hailing startup BluSmart. bp Ventures holds 20 % equity in the startup that uses only electric vehicles.