John Browne on the Future of Energy

The former BP chief talks about rising energy prices and other challenges, and recommends a set of principles for the industry in its new era

But oil and gas resource concentration is real and is leading to geopolitical friction, as some countries use their energy riches as an instrument of foreign policy.

Tension is being compounded by the rise of petrodollar-based Sovereign Wealth Funds, which are pursuing more proactive investment strategies. Countries in the Persian Gulf alone now control significantly more than $1 trillion. Resource concentration is increasingly leading countries to seek so-called self-sufficiency, or, failing that, to pursue bilateral energy deals.

The third trend is growing social concern about the local and, increasingly, the global environment.

The public response to climate change, described by some commentators as the civil rights movement of today, is motivating governments to act. Policymakers are putting in place targets and