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Dev Sanyal, BP's executive vice-president for strategy and regions. [Photo/China Daily]

Oil giant's vice-president expects big deals during President Xi's state visit to the United Kingdom

The oil industry may face its worst situation ever, with crude prices standing at sharply lower levels after plunging more than 50 percent since last summer. But Dev Sanyal, BP's executive vice-president for strategy and regions, said that low oil prices are not all bad news, as they can bring about greater focus and discipline. "Oil prices reflect the imbalance between supply and demand. Inevitably, there will be a recalibration, with all its attendant consequences, as the world adjusts to the new price set," he said. "This will result in a number of opportunities, from efficiency to asset trades. So it is not entirely a bad thing."

Sanyal has spent almost three decades working at BP, and his current role is Executive vice-president for strategy and regions, and a member of the Group Executive Committee of BP Plc.

But he said his proudest career achievement has been as a member of an executive team that has been steering BP through challenges it has faced over the past five years, since the Gulf of Mexico oil spill in 2010.

The British company has been seriously weakened by the incident, but Sanyal said he was proud of the efforts they have made in gathering resources and containing the disaster, creating the company that it is today.

A wide consolidation in the energy sector coupled with sharply falling crude oil prices has squeezed the profits of many oil giants. BP is also going through a "simplification plan" to reshape its portfolio and make it more efficient.

Sanyal expects crude oil prices to stay low for longer as global supplies continue to outpace demand this year. But will the oil prices return to normal levels? What is BP's next move, and will the company continue its investment in China?

Sanyal shares his views with China Daily.