I look at it with optimism or positive intent. But we also have to be cautious we don't get too carried away too early.

Van Beurden

Categorized in : Energy

It would be somewhat foolhardy to put ourselves in a legal bind by saying these are the targets we will adopt, before we put ourselves at the mercy of a legal challenge, I want to make sure we are doing the right thing first.

It is more sensible to say we will go faster than society, we will catch up with society on its way to meeting Paris, it is a very clear ambition, we will articulate this ambitions in steps as we go along the way. We will be totally transparent.

You have to believe us that setting an ambition, sticking my neck out, my personal reputation, the reputation of the company, is a big enough incentive to get it right.

Nobody else comes close, it is seriously ambitious. by Van Beurden

Nobody else comes close, it is seriously ambitious.

The reputation of our company is irrevocably linked to targets... Nobody can see how the energy transition will play out over this period.

We'll be aligned with society's progress but we will not be tied to an approach that potentially moves too quickly or too slowly to this transition.

It will take an unprecedented amount of effort to bring about a net zero emissions future, if collectively we find a way to stay within the 2 degree (Celsius limit), we will still need significant investment in oil and gas...I am talking about up to a trillion dollars every year.

We cannot do it overnight (transition to renewables) because it c... by Van Beurden

We cannot do it overnight (transition to renewables) because it could mean the end of the company.

The North Sea for us will be an area where we will have to take a look, as we have to do with our entire conventional upstream, now that we have a much enlarged portfolio.

We consider Singapore part of the backbone of our oil products bu... by Van Beurden

We consider Singapore part of the backbone of our oil products business.

We believe in the strong fundamentals of Brazil and the fundamentals of its geology, we will be looking at a substantial part of our production from Brazil.

We will now be able to shape a simpler, leaner, more competitive company, focusing on our core expertise in deep water and LNG.

I see the first mixed signs for recovery of oil prices, but with U.S. shale oil being more resilient than we originally thought and a lot of oil still in stock, it will take some more time to rebalance demand and supply.

This could cause prices to spike upwards, starting a new cycle of strong production growth in U.S. shale oil and subsequent volatility.

We will be doing quite a bit of portfolio high-grading on the back of the BG deal and it doesn't necessarily mean getting out of stuff. It may also mean selectively deepening in areas where we can continue to build on our strengths, you always look at whether a portfolio is deepening positions in areas or whether it is disposing of positions that are due for restructuring or where we don't see the strategic fit any more. That hasn't changed on the back of the BG deal.

We can not burn all the hydrocarbon resources we have on the planet in an unmitigated way and not expect to have a CO2 loading in the atmosphere that is often being linked to the 2C scenario.

The divest campaign, or Keep it in the Ground or the carbon bubble, ignore reality that 80 percent of the investment in the industry has to be done just to stand still to arrest decline. It is a red herring, it is a very seductive argument and that is why it catches on, but it is a red herring.

The contract that we have with Fos, the maritime contractor that we have there, the lease that they have in terminal 5 we think they are legally valid and indeed have tested it and are ready to move ahead with putting the Polar Pioneer (rig) there, loading it out so it is ready for its journey to Alaska, we have not seen, apart from the protests, any legal obstacles for us to do that.

The theory also ignores the reality of our industry and as a matter of fact it actually risks distraction from the real issues around energy transition needs, if there will be no further investments in oil production, the gap between supply and demand could be 70 million barrels per day by 2040 ... we will need sustained and substantial investment just to meet the demand to fuel economic growth especially in the developing world.

I have 100 percent confidence that Petrobras will come through this probably as a stronger company than it was before.