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  • The Heads of Eni and BP Believe That the World Needs Investment in Oil and Gas Now

    Eni CEO Claudio Descalzi said it is dangerous to talk about peak oil demand before 2030

    Global demand for oil and gas remains, and talk about its peak occurring before 2030 is dangerous, as it will lead to a decrease in investment and rising prices, says Claudio Descalzi, head of the Italian Eni.

    “I don’t know if we will peak consumption before 2030, but this is very dangerous talk because we will have to reduce investment,” he said at the ADIPEC conference. According to Descalzi, this will cause energy prices to rise while demand for them continues.

    He was also supported by the acting head of BP, Murray Auchincloss.

    “What I do know is that the world needs oil and gas today. Last year we lost 3% of global gas supply due to the situation with Russia, and gas prices in Europe increased sevenfold. This is the key message: we need to maintain investment in oil and gas, the energy system today, since the energy transition takes time,” he noted.

    “The growing demand is still here, and cutting supply is dangerous. When you say things like that, you create a backlash and a backlash, and we need balance. We need to invest in a balanced energy mix,” Descalzi added.

    The head of the Italian company believes that despite the fact that coal plants produce large carbon dioxide emissions, “you can’t just close and stop everything and say that the future is only for renewable energy sources.” “No, we have infrastructure, we have investments, and demand is still here, at the same level. In some countries it is growing, in some, like in Europe, gas demand has remained at the same level for the last 20 years,” he emphasized .

    “The energy transition is real and important for everyone, and we don’t need to waste time creating enemies and fighting each other, we need to be together. We don’t need to see enemies in the entire energy system,” Descalzi added

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