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https://www.theguardian.com/business/2025/feb/26/bp-oil-and-gas-spending-green-energy-scale-back>
"BP has abandoned its green ambitions in favour of ramping up fossil fuel
production as its boss claimed that optimism over the pace of the green
transition had been “misplaced”.
In a major strategy shift, the energy company will increase its investment in
oil and gas to $10bn (£7.9bn) a year while slashing more than $5bn from its
previous green investment plan.
The radical overhaul means BP will be “very selective” about investing in
low-carbon options while producing 2.4m barrels of oil and gas a day by 2030 –
about 60% higher than the figure in its net zero plan set out five years ago.
“Today we have fundamentally reset BP’s strategy,” said BP’s CEO, Murray
Auchincloss. “This is a reset BP, with an unwavering focus on growing long-term
shareholder value.”
The move back towards fossil fuels represents a stark shift from the investment
plan put forward five years ago by the former chief executive, Bernard Looney.
He had promised to shrink the company’s fossil fuel production to about 1.5m
barrels a day and make BP a net zero energy company by 2050.
Auchincloss said BP would instead focus on strengthening its production
portfolio by starting up 10 large-scale oil and gas projects by 2027 and a
further eight to 10 projects by the end of the decade."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
