BP plc CEO Bernard Looney said Tuesday natural gas and oil production may be cut sharply by the end of the decade, but the annual profits from the core business are going to be more than enough to transition to sustainable, low-carbon projects. 

Investments in greener energy sources are slated to grow by double-digits to 2030, while output from the fossil fuels segment is set to decline, also by double-digits. 

“We enter 2022 with growing confidence,” Looney said. “The past two years have reinforced our belief in the opportunities that the energy transition presents – to create value for our shareholders and to get to net zero.” 

[Want to know how global LNG demand impacts North American fundamentals? To find out, subscribe to NGI’s Daily Gas Price Index]

BP’s...