Oil and Gas Will Be in the Energy System ‘For Decades to Come': BP Chief

BP's logo at a petrol station in Kloten, Switzerland, on Oct. 3, 2017. Arnd Wiegmann/Reuters

Oil and gas will continue to play an ongoing role in the global energy system for decades, BP’s Chief Executive Bernard Looney said Monday.

While the British multinational oil and gas company has committed to become a net-zero company by 2050 or sooner in an effort to tackle climate change, and is actively focusing on reducing emissions, the CEO said that the two major industries in the energy market will continue to play a role.