Using renewables, wind power and electric vehicle on a wider scale may help in mitigating climate change, said Occidental Petroleum President and CEO Vicki Hollub during a session at the World Economic Forum in Davos.
“We have to mitigate the carbon footprint of every other alternative energy that we’re going to develop. The best way to do that is to use a strategy where we can produce carbon neutral oil,” she said during the “Energy Outlook: Overcoming the Crisis” session.
“Carbon natural oil is produced by injecting CO2 into reservoirs, where some of it is sequestered and the rest eventually becomes a chemical that can be cycled through to produce carbon neutral oil,” Hollub explained.
“If you inject CO2 in the reservoirs, we are going to get more of the oil into it,” she pointed out during the session.
The event was attended by US energy policy expert Jason Bordoff, India’s petroleum and natural gas minister Hardeep Singh Puri, ENGIE CEO Catherine MacGregor, German Vice Chancellor Robert Habeck Robert Habeck and International Energy Agency’s Executive Director Fatih Birol.
On his part, Habeck said Germany is trying to diversify its fossil imports from Russia. “We are building energy infrastructure and trying to get new supplies for oil and gas to be independent from Russia,” he said.
“The world has four major crises right now that are connected: high inflation, energy supply, food poverty and climate change and if we don’t solve these issues we are heading into a global recession and global stability. We have to solve one problem with the solutions of other problem,” he added.
Catherine said, “We are always working on solutions in Europe, such as diversifying our sources, leveraging, and strengthening our solidarity and infrastructure, sharing between ourselves, and expediting energy transitions.”
“Energy transition can be a solution for the energy crisis we are passing through,” she added.
Russia is the number one in gas and oil export. “We have to replace oil and gas coming from Russia. We have to make the most out of the existing oil and gas,” said Birol.
“We are in the middle of the first global energy crisis. One of the solutions is that we should take into consideration is putting renewable energy and increase nuclear production. This winter will be tough for Europe,” he added.
Gurdeep Singh: the energy crisis is there and its real and oil at 110$ per barrel constitutes a challenge to the entire world.
India’s Gurdeep Singh said that the energy crisis is there and its real and oil at 110$ per barrel constitutes a challenge to the entire world.
“We need to be able to navigate out of the current crisis without adding more problems in terms of sustainability and going green,” he said. Fatih Birol. We need to manage transition to sustainability faster,” he said during the session on energy outlook in Davos.