BP p.l.c

Amid the turmoil caused by the war in Iran, momentum is growing in the energy industry to consider investment in alternative transport routes that bypass the Persian Gulf and the Red Sea. Patrick Pouyanné, chief executive of France's TotalEnergies, reiterated plans to take part in a pipeline project running from Iraq to Syria and to invest in doubling the capacity of a pipeline network that carries crude oil to the UAE port of Fujairah while bypassing the Strait of Hormuz, saying the industry needs to shift its thinking from "just in time" to "just in case." BP chief executive Meg O'Neill noted that the redevelopment of the Kirkuk oil field, being pursued with US-based ConocoPhillips and Turkey's state-owned TPAO, has broadened the options for a new northern export route, but she took a cautious view on whether it is a project that should commit BP shareholders' money. Mike Wirth, chief executive of US-based Chevron, expressed optimism about progress in negotiations with the Iraqi government over entering the West Qurna 2 and Nasiriyah oil fields, while cautioning that most of the funding would need to be borne by other investors, adding that if the project goes ahead, the company would participate as a member of a consortium of multiple firms. Sheikh Nawaf Al-Sabah, chief executive of Kuwait Petroleum Corporation, disclosed that it is in talks with Saudi Arabia and the UAE over new pipelines connecting to their respective ports, and argued that not only oil-producing countries but also importing countries should share the cost burden.