May 5, 2020 / 11:39 AM / 25 days ago

Carbon emissions cuts do not mean Repsol will exit oil sector: CEO

FILE PHOTO: Repsol flags are seen at a conference hall during the company's annual shareholders meeting in Madrid, Spain, May 19, 2017. REUTERS/Paul Hanna/

(Reuters) - A target to reduce carbon emissions to net zero by 2050 does not mean Spanish oil and gas firm Repsol (REP.MC) will stop producing oil though it will focus on certain projects, Chief Executive Josu Jon Imaz said on Tuesday.

“In 2040, 40% of the energy basket in the world is going to still be oil and gas, so we are not going to exit the oil and gas sector,” Imaz told analysts on a conference call.

He added that the company will continue with its plan to reduce carbon emissions despite pressure from low oil prices and the new coronavirus dragging on the global economy.

Reporting by Isla Binnie, Editing by Inti Landauro

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