During CERAWeek 2024 our CEO, Dev Sanyal, participated in a plenary discussion with Barbara Frei-Spreiter, Executive Vice President, Industrial Automation, Schneider Electric and Takayuki Ueda, President and CEO, INPEX Corporation moderated by Atul Arya, Chief Energy Strategist, S&P Global Commodity Insights, on the ‘Different Pathways to Low Carbon’.

He stressed that the energy transition will not follow a straightforward linear trajectory and that pragmatic approaches and commitments are essential for advancing progress, such as VARO’s strategy which is a pragmatic one dealing with the energy needs of today and tomorrow. He spoke about the following areas that underscore our strategy:

- Production is important but the voice of the customer must be heard. In many ways, they lead where we go. As a result of our ‘Customer Lighthouses’ we ensure our actions are aligned with market needs.

- Stable and clear policy frameworks are essential for accelerating the energy transition. This enables scale and as a result, affordability over time.

- Disciplined deployment of capital is key to ensuring cost efficient production.

- Leveraging technology is a catalyst to building the efficient platforms.

- Building portfolio resilience while having portfolio agility is paramount to navigating the valleys and peaks of this transition. This is at the heart of the ONE VARO Transformation strategy of the twin engines of ‘Engine 1’ and ‘Engine 2’.

This is a time of considerable change but we in VARO are optimistic. We believe that by driving a pragmatic pathway, we can ensure the energy security the world needs in the way that it wants - sustainable and efficient energy.