LPG price may decrease before Yuletide — Chairman, TotalEnergies

By Uthman Salami

The Chief Executive officer, who is also the Chairman of the Board, Total Energies Limited, Patrick Pouyanne, revealed that the Liquified Natural’ Gas, other wise known as cooking gas was prone to increment before winter period.

Pouyanne made this assertion during the Saudi Green Initiative Forum, held in Riyadh, Saudi Arabia.

The forum meant to discuss efforts by the world’s top oil-exporter to tackle climate change in the country.

He said the recent gas price spike had been caused by a strong demand rebound post COVID-19 and prices were likely to stabilize only after the winter period.

According to him, the gas price is not sustainable, noting that “the prices could come back after winter time”

It would be recall that Pouyanne’s disclosure correspondend with the World Bank’s projection that forecast a decline in natural gas and coal prices in 2022.

The report had posited that the decline was expected as demand growth eases and production and exports increase.

While deliverying his views on issues bordering on energy transition and climate change, he pointed that a lack of investment in hydrocarbons could itself create crisis.

He added that removing oil and gas from the equation was not the right approach to energy transition.

He said, “Where is the right balance between the energy of the present and building the future? Yes, we need to invest more and more in decarbonised energy, but at the same time we need the people of this planet to receive reliable, affordable energy.