Oil and gas companies are starting to add renewables to their long-term business strategies. Petroleum’s existing business model is being threatened by the forecast rapid growth in the use of electric vehicles, some oil company forecasts show road fuel reaching a plateau as soon as the late 2020s.
BP is looking at unique ways to ease into the new energy sector, Dudley told Reuters in an interview. “We have discussions going on with a lot of the EV manufacturers to have a tie-up with our retail network for charging.”
The major petroleum companies have already made significant adjustments to their business models, as Digital Journal noted a few weeks ago. BP’s move is a positive sign when looking at ensuring the company’s sustainability.
Dudley has been outspoken about oil and gas companies needing to be more proactive regarding the transition away from fossil fuels and towards renewables, according to The Street.
“We’ll be ready for this world but we’re not going to dive in too deeply,” Dudley said, citing BP’s previously failed forays into renewable energy, including solar power.
BP competitor, Royal Dutch Shell has already started a pilot program to install battery-charging docks at a few of its fuel service stations in Britain and the Netherlands.
