bp has decided to drop its goal of reducing oil and gas production by 2030 as part of a new strategy under Chief Executive Officer Murray Auchincloss.
This change marks a significant shift from the company’s earlier plans, which aimed to cut output by 40% while increasing investments in renewable energy.
Initially introduced in 2020, the original plan was considered one of the most ambitious in the industry.
However, last year, bp revised its target to a 25% reduction, which would still allow for the production of two million barrels per day by the end of the decade.
This change was reportedly made due to pressure from investors who were more focused on short-term profits than long term sustainability.
A bp spokesperson told Energy Live News: “As Murray said at the start of the year in our fourth quarter results, the direction is the same – but we are going to deliver as a simpler, more focused, and higher value company.”
