LONDON, June 14 (Reuters) - BP does not foresee a shortfall in oil supplies in the coming years due to a fall in investments, the firm’s Chief Financial Officer Brian Gilvary said on Thursday.
“We’re not seeing under-investment coming through yet,” Gilvary told the FT Energy Transition Strategies summit in London.
The surge in U.S. shale oil production has been the main driver of production growth in recent years, which offset output cuts by OPEC and several major producing countries since 2017.
“If we start seeing a drop off in production in the Lower 48 (U.S. shale) that might be a casue of concern,” Gilvary said. (Reporting by Ron Bousso; Editing by Elaine Hardcastle)