Interview: Bassem Battisha
What role can international companies play in helping to capitalise on opportunities arising from the global green energy transition?
BASSEM BATTISHA: We believe that the future of energy is lower carbon, and that energy is essential to achieving a more prosperous and sustainable world. Chevron supports the Paris Agreement and is committed to addressing climate change, while continuing to deliver energy that supports society.
The year 2022 marks 90 years since Chevron first discovered oil in Bahrain in 1932. As an international energy firm with a long history in the kingdom – and business connections spanning upstream, midstream, downstream and trading activities – the company intends to be a leader in efficient and lower-carbon production of the traditional energy in high demand today, while growing lower-carbon businesses that will play a bigger role in the future.
Our capital investment in lower-carbon initiatives has increased in recent years, and moving forwards we hope to support the kingdom’s progress in achieving its own energy transition goals. As a company, we expect the capital earmarked for lower-carbon projects to more than triple between 2022 and 2028, to over $10bn. Growth in renewable fuels, hydrogen and carbon capture is expected to enable some 30m tonnes of annual CO equivalent emissions reductions by 2028 – an amount equal, by way of comparison, to 18% of New York state’s annual reported emissions.
As the global energy transition continues, which segments present key opportunities in line with wider efforts to encourage sustainability?
BATTISHA: Bahrain’s downstream sector presents significant growth opportunities. In this segment, Chevron is particularly active in aviation, and specifically the supply of jet fuel. Future opportunities in this space will continue to be explored and analysed in line with both our own and the kingdom’s longer-term energy transition goals, which will hopefully support and contribute to the nation’s objective of moving towards renewable energy solutions for jet aviation.
Similarly, the company also sees potential opportunities to develop and provide lower-carbon solutions in the finished lubricant products segment in the future. We hope to support the kingdom’s initiatives in this space by being able to offer relevant technologies and solutions to our partners.
How do you expect the energy mix to evolve?
BATTISHA: The energy sector as a whole will increasingly need more renewable fuels and products such as natural gas, renewable diesel, sustainable aviation fuel, and renewable base oils and lubricants. It is expected that by 2025 Chevron globally will increase renewable diesel and sustainable aviation fuel production threefold, its renewable natural gas production 10-fold, and renewable base oils and lubricants production 20-fold.
In what ways can the public and private sectors encourage greater investment in technological innovations in the energy sector?
BATTISHA: Technology plays a key role in delivering the affordable and reliable lower-carbon energy that will fuel global progress and future economic growth. It is a key driver of change as the global energy industry seeks to achieve more efficient and lower-carbon production of traditional energy.
Chevron has a long history of supporting technological innovation through targeted research and development, innovation ecosystems and university partnerships, with the aim to develop and commercialise technologies to create competitive lower-carbon solutions. Emerging technologies such as fusion and advanced geothermal solutions offer low-carbon energy with less intermittency than other renewable energy sources. These technologies have the potential to change the way we produce and use energy.
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