Oil production in most developed economies is in decline, and the countries with the reserves to sustain production for 30 years or more are almost all members of Opec, the oil producers’ cartel.
BP has a good record of finding oil and gas, but unless it can gain access to resources it will wither and die.
For the new chairman, the strategic priority is to secure resources.
I find such comments amazing: can't BP, the FT and the markets face the reality that oil is running out in our lifetime?
That may, or may not, help us face global warming issues, but worrying about BP is a minor issue: who is worrying about the alternatives?
I find it simply amazing that we continue to walk headlong towards the most massive required change in our economy apaprently clueless about how we're going to manage the change to what might be called the 'low oil' future.