BP CEO Reiterates Commitment to U.S. Energy Security

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BP CEO Reiterates Commitment to U.S. Energy Security

HOUSTON -- BP chief executive, Tony Hayward, detailed the company's plan for the future of energy before an audience of industry professionals and community leaders at the Houston Forum recently, the company reported.

"For the medium term, the era of cheap energy is behind us," he said at the meeting, adding that while he does not subscribe to the notion that oil supplies have peaked, "The hard truth is that the political and technical obstacles to bringing reserves to market become more challenging all the time."

To ensure U.S. energy security, Hayward told guests the company has invested $30 billion over the last five years. "That makes us America's biggest energy investor. We are proud of that record and the powerful commitment it represents," he said at the forum.

BP will continue to invest in U.S. energy security by spending $6 billion a year over the next five years on new projects, including the Thunder Horse platform in the Gulf of Mexico; the Wamsutter tight natural gas project in the Rockies; and upgrading the Whiting refinery to take complex and heavy crude oil, he said during the conference.

In addition, the company -- already one of the biggest biofuel blenders in the country -- is investing $8 billion in alternative energy, including wind farms, solar power and a partnership with three major universities to develop next generation biofuels, according to the company.

The U.S. accounts for more than 40 percent of the company's assets and almost 40 percent of its capital spending and production, making it the biggest part of the company, he said.