cutting oil and gas production would be dangerous and irresponsible – Kommersant
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Shell CEO Wael Savan gave an interview BBC, in which he explained why the company will not cut oil and gas production for the time being, despite criticism from environmentalists. According to the top manager, the world is still “desperately in need” of oil and gas, as the transition to renewable sources is not going as fast as we would like. That is why it would be simply “dangerous and irresponsible” to cut oil and gas production now.
Mr Sawan warned that growing demand from China and a cold winter in Europe could lead to new increases in fuel prices, which these regions are in dire need of. He also disagreed with recent remarks by UN Secretary General António Guterres that new investments in oil and gas production are “economic and moral madness.” “I strongly disagree with this,” the head of Shell emphasized. “It would be extremely irresponsible to cut oil and gas production, as this could lead to higher fuel costs, which we saw last year.”
With rising prices and energy demand from rich developed countries, countries such as Pakistan and Bangladesh cannot provide themselves with liquefied natural gas (LNG), Mr. Sawan said. “The LNG flows just bypassed these countries, and local children are forced to study by candlelight,” said Shell’s CEO. “If we are going to make the transition from hydrocarbon to renewable energy, this transition must work for everyone, not for some particular regions peace.”
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