* World failing to recognize key role of oil, gas -energy
* Too rapid embrace of renewables disrupts price, supply
HOUSTON, Dec 8 (Reuters) - Oil and gas will remain the
dominant fuel source for decades to come, the industry's top
executives declared on Wednesday, making their case not to be
under valued as governments seek to reduce fossil fuels to
address climate worries.
Executives offered a full-throated defense of the industry,
describing government opposition to new projects as harming
society and using this week's World Petroleum Congress in
Houston to rebut the industry's harsh portrayal at the UN COP26
Any effort to bar new development "is misguided" https://www.reuters.com/world/middle-east/opec-official-tells-oil-gathering-energy-transition-can-not-exclude-fossil-fuels-2021-12-08
and likely to hurt poorer nations, said OPEC Secretary General
Mohammad Barkindo. Oil and gas also "can be part of the solution
to tackling climate change."
Jim Teague, co-chief executive of energy pipeline operator
Enterprise Products Partners, hit at talk of reimposing
a ban on U.S. oil exports. Such proposals ignore there are
"people that want a better quality of life, and they dont
really give a damn about climate change, said Teague.
Carbon emissions and developing cleaner fuels were prominent
on the agenda, however. Exxon Mobil Corp and Pioneer
Natural Resources pledged to cut greenhouse gas
emissions from their shale output. Peru also laid out its plan
to hold an auction for renewable energy https://www.reuters.com/markets/commodities/peru-revamp-oil-royalty-model-prepares-renewable-energy-auction-2021-12-08
Oil refiners that supply motor fuels also are moving to
develop more biodiesel from plant and animal byproducts. Future
refineries "will be more modular, said Ethan Phillips, a
partner with consultancy Bain & Co.
Executives largely steered clear of discussions of emissions
from the use of their products, called Scope 3. ConocoPhillips
CEO Ryan Lance described the largest U.S. independent
oil producer's approach as focusing on the emissions "we create
as a business."
Several executives, including those who have sharply cut
spending on new fossil fuel projects, lamented the lack of
investment in new oil and gas projects.
They pointed to the soaring prices in Europe and Asia for
gas and power as evidence of how a too-rapid embrace of solar,
wind and other renewables can harm consumers and disrupt energy
Developing countries cannot afford to allow the energy
transtion to raise energy prices, said Brazil's state-run oil
company Petrobras executive Roberto Ardenghy.
"We have to be careful not to create energy inequality," he
cautioned. "We have to be pragmatic."
Industry advocates said energy consumers can make their own
decisions on fuels and how to cut carbon emissions.
"For consumers, it is ultimately about choice," said Frank
J. Macchiarola, an official with trade group the American
(Reporting by Sabrina Valle, Marianna Parraga, Erwin Seba and
Liz Hampton in Houston; editing by Richard Pullin and Marguerita