The Chief Executive Officer of BP Bernard Looney has said the current crisis in the European gas market is "not a one winter deal".
He was responding to a question from the audience at the Irish Academy of Engineering where Mr Looney was formally inducted as a fellow at a ceremony this evening.
Mr Looney, from Kenmare in Co Kerry, joined BP in 1991 after graduating from UCD with an honours degree in electrical engineering.
Following a career which stretched from the North Sea to Mexico and Alaska, he rose to become CEO in February 2020.
He told the audience his ambition is to transform BP into a net zero carbon emissions company by 2050 by increasing its investments in renewable energy technologies and companies.
One of the projects with which the company is currently involved is a survey of the waters around Britain involving five ships and 200 personnel to gauge its potential for further offshore energy locations.
He also detailed how BP has become the biggest provider of fast-chargers for electric vehicles in Germany and that this is key focus for the company.
He said the ‘world is changing at pace...the battle is over and EV’s have won...’ although he thinks it will be some time for EV sales to take over from petrol and diesel.
He said the war in Ukraine had highlighted what he terms the ‘energy trilemma’ which is the need to deliver secure, affordable and low carbon energy.
He said ‘...the conversation has been focused on one element of that trilemma...how do we drive emissions down...’ but he said we need to do more to deliver secure energy.
He said the job of BP was to continue to invest in hydrocarbons but less than they used to and at the same time ‘... investing at scale to accelerate the transition...’ to renewable energy.