Phasing out fossil fuels a ‘fantasy,’ oil executives say amid giant profits

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Despite a historic global climate deal, demand for oil is booming, executives emphasized at an energy conference in Houston.

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Shell CEO Wael Sawan declared that “there is going to be a multidimensional energy system in the future, oil and gas will continue to have an important role in stabilizing that system for a long, long, long time to come.”And Patrick Pouyanné, CEO of the French energy giant TotalEnergies, said he was “quite pleased” that the Dubai deal recognized “that we need some transition fuels, and gas is one of them.

“We are facing over 260 million barrels of oil, gas and coal consumed every day,” Al Jaber said in a virtual address to CERAWeek. “There is just no avoiding that the energy transition will take time.”Greg Ebel, CEO of the pipeline company Enbridge, said in an interview that he thinks the attitudes in Dubai and Houston have been “consistent." But he called the former “idealistic” and the latter “realistic.

 

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