Tuesday, July 5

Cenovus CEO says future of energy is ‘diversification,’ not ‘transition’

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CALGARY — The chief executive of Cenovus Energy Inc. says he believes the future of energy is going to be less about transition and more about diversification.

Alex Pourbaix says the clash between global energy demand and the need to reduce emissions to mitigate climate change is the biggest single issue facing the oil and gas industry in 2022.

He says the war in Ukraine and the resulting global energy crisis has proven that oil and gas can’t easily or quickly be replaced by wind and solar.

He says instead of a phase-out of fossil fuels, the next three decades are likely to feature a diverse energy mix that includes oil and gas but also hydrogen, renewables and nuclear power.

Pourbaix spoke Tuesday in Calgary at the Global Energy Show, one of North America’s largest energy conferences.

It’s the first time the show has been held in person since before the COVID-19 pandemic, and more than 30,000 people from around the world are expected to attend this week.

This report by The Canadian Press was first published June 7, 2022.

Companies in this story: (TSX:CVE)


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