BP is looking to offshore wind and other renewables as part of a push into low-carbon power that will play a key role in its future as oil production falls, said its chief executive.

Bernard Looney told IHS Markit vice chairman Daniel Yergin duirng the latest CERAWeek Conversations that low carbon electricity is the new growth area for the company, as the industry works to take costs down and get to a $35 per barrel “balance point”.