Global energy major BP on Thursday sought more investments in longer term contracts, natural gas, storage and diversification into other fuels to help withstand sudden market shocks, The Economic Times reported.
The call comes in the wake of a spike in coal, oil and gas prices to record heights that threatens to derail a global economic recovery from the Covid pandemic.
“Everybody now knows that the wind doesn’t always blow and the Sun doesn’t always shine. And I think that aspect of reliability is relatively well-understood. But there are broader aspects of reliability, which are those confluence of unusual events (such as accidents around the world),” the newspaper quoted BP chief executive Bernard Looney as saying at the India Energy Forum.
Read the full story: The Economic Times.