MADRID, Feb 15 (AFP) - The chairman of British energy giant BP, Peter Sutherland, said Tuesday he saw global oil supplies as safe for more than 60 years despite heavy demand from countries such as China.
"I don't think we can speak of an apocalyptic situation," Sutherland told the Europa Press energy forum, noting reserves should suffice until well into the second half of the century.
He added that it would be impossible to forecast price movements, which he said were essentially linked to the political situation in the Middle East.
Despite the Russian government seizing control of Russian oil giant Yukos' bank accounts late last year Sutherland told the forum that BP's relations with Moscow were good and insisted it saw "no sign of government interference" in the firm's activities.
Sutherland said he did not foresee energy sector consolidation in Europe among major players. He added that BP, which has invested heavily in solar energy in Spain, was seeking out alternative sources of energy but saw its continuing focus based around oil and gas.
02/15/2005 16:20 GMT - AFP