Biofuels Digest
April 28, 2010 Jim Lane

BP Biofuels chief calls biofuels “the new oil” as Advanced Biofuels Leadreship Conference opens
In the Opening Address at the Advanced Biofuels Leadership Conference in Washington, BP Biofuels CEO Philip New said that advanced biofuels “will require partnerships if it is to succeed,” but described biofuels as “the new oil, created from unlimited sources of frees biomass rather than the limited fossil resources of biomass.” He said “I am not here as the representative of an oil company, but of an energy company that embraces advanced biofuels as…a major part of our upstream [exploration] business.”

New said that BP’s research into biofuels concluded that, over a 30-year period, its biofuels business could have the potential to replace 17 billion barrels of oil equivalent, compared to its 18.3 billion barrels of proved oil reserves.”

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