India is future: British energy major BP CEO on Chandrayaan-3 success

The chief executive of British energy major BP has lauded India for becoming the first country to land a spacecraft near the Moon’s south pole, saying “India is the future”.

Speaking to reporters on the sidelines of B20 Summit India organised by the Confederation of Indian Industry (CII) on Saturday (August 26), Bernard Looney said India was “taking incredible steps and doing things in a very innovative and creative way”.

“We watched it back in London. Everyone around the world, I think, is excited about the country,” he said. “India is the future.”

BP has invested billions of dollars in an oil and gas field in the Bay of Bengal and is fast expanding a fuel retailing network that also comprises electric vehicle (EV) charging stations.

Both ventures are in alliance with Mukesh Ambani’s Reliance Industries Ltd (RIL).

“India is hugely exciting”

India is the world’s third-largest energy consumer and the fastest-growing major economy in the world. While other competing economies like China are slowing down, India continues to grow and is eyed by investors across sectors.

“India is hugely exciting for us,” he said.

The company, in partnership with RIL, is now producing a third of India’s gas production after a third set of discoveries in the KG-D6 block was brought to production.

“We are now producing approximately one billion cubic feet (BCF) a day of natural gas, that is approximately one-third of India’s domestic gas production today,” he said.

Besides interest in the field, BP also has a gas retailing venture and a network of 1,625 petrol pumps in the country. It also has outlets to charge EVs.

“So, if we can get the two-wheelers, three-wheelers, and overtime passenger vehicles converted to electric, I think that’s going to be hugely important,” he said, adding the joint venture is also investing in CNG and firms in EV charging and battery business.

Energy transition

Looney also echoed India’s views on energy transition being just and orderly, saying the shift from fossil-based to renewable sources has to be done in a manner so as to avoid price shocks like the ones witnessed last year.

Looney said oil and gas will continue to be a source of energy for the world for “many, many decades to come” and companies and countries around the world have to continue investing in existing fossil fuels and in transition projects at the same time.

“We need to make sure we continue to match supply with demand,” he said.

Last year, the world lost 3 per cent of gas demand and the prices went up seven-fold, resulting in countries turning to the next cheaper alternative, coal, he said adding coal usage soared to record levels in 2022.

(With agency inputs)