In this interview given to Lucy Hockings from BBC News, Dr. Carole Nakhle, CEO of Crystol Energy, discusses the reasons behind the pursuit of energy companies to continue oil and gas exploration.
Key takeaways:
– The plain fact is that oil and gas are still in demand, and their demand continues to grow. Curtailing investment in such a market will result in higher prices – something that many consumers around the world are not ready to face.
– The rising energy prices in 2022 led to discontent in major energy importers. Even some world leaders called on energy companies and OPEC countries to produce more oil and gas to appease the pressure on prices.
– While some energy companies are taking responsible steps to decarbonize their supply chains, others are still lagging behind. This is where the role of policymakers comes in to incentivize the decarbonization of companies’ assets.
– Governments around the world face a harsh reality. On one hand, they would like to see an acceleration of their energy transition plans, but at the same time, they don’t want to face public discontent amid rising energy prices that result from these plans.
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