Tony Hayward, Group Chief Executive of BP, spoke at the Peterson Institute, March 23, 2010, on the topic of "The Challenge of Energy Security."
Hayward underlined the importance of three key factors in energy security: efficiency-the best way to more secure energy is saving energy; diversity-there is no one silver-bullet solution or technology that will deliver a secure energy future; and competition-efficient markets and market mechanisms will provide the most effective way to produce and distribute energy and to induce change. He also stressed the need to deal with the issue of climate change. Creating a low-carbon economy will require the wholesale re-engineering of the global economy and significant investment by industry, which in turn requires a clear and stable regulatory regime.
Tony Hayward became CEO of BP in May 2007. He had been an Executive Vice President since 2002, becoming Chief Executive Officer for Exploration and Production later that year. His career with the company dates from 1982 and includes periods in both Colombia and Venezuela, as Director of BP Exploration, as a member of the Upstream Executive Committee following the merger of BP and Amoco, and Group Treasurer where he handled the company's global financial operations and M&A activities. Dr. Hayward received his initial degree in geology and his PhD from Edinburgh University. He recently became a member of Board of Directors of the Peterson Institute.
Prepared Remarks: Energy Security through Diversity
Tony Hayward, Group Chief Executive, BP p.l.c.
March 23, 2010