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Exclusive: BP Abandons Goal To Cut Oil Output, Resets Strategy

2024-10-08 17:16

Wedoany.com Report-Oct 08, BP has abandoned its target to reduce oil and gas output by 2030 as CEO Murray Auchincloss shifts the company’s energy transition strategy to regain investor confidence. Originally, BP aimed for a 40% reduction in output by 2030, but this was scaled back to 25% last year. Now, the focus has shifted towards new investments in oil and gas in the Middle East and the Gulf of Mexico, as Auchincloss seeks to bolster the company's financial performance.

Under Auchincloss, who took over in January, BP is distancing itself from the previous leadership's ambitious climate goals, prioritizing immediate returns and profitability in fossil fuels. The company remains committed to achieving net zero emissions by 2050, but has faced challenges due to rising costs and supply chain issues in its renewable energy sector.

BP is currently negotiating investments in three new projects in Iraq, enhancing its involvement in the region, and also plans to advance projects in the Gulf of Mexico, including the Kaskida and Tiber fields. Additionally, Auchincloss has announced cost-saving measures and paused investments in new offshore wind and biofuel projects, while still making strategic acquisitions in solar and biofuels. The company's shares rose 0.8% following these developments.

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