British energy giant BP on Thursday called for more long-term investments in energy assets to establish a robust energy system in future. The statement came amid a sharp spike in global coal, oil, and gas prices which hurt power producers and consumers from Europe to China. High energy costs have raised inflationary pressure and put pressure on the global recovery from the COVID-19 pandemic. CEO Bernard Looney said that the industry must invest in long term contracts, natural gas, energy storage, and fuel diversification.
On Wednesday, BP inked a natural gas pipeline supply contract with a unit of China’s Shenzhen Gas Group for ten years starting 2023. The company also plans to supply 15% of India’s gas requirements. Separately, BP intends to strengthen its energy-trading operation to take advantage of the company’s new focus on the electric vehicle charging business, especially in the US, Europe, and China.
