O il major bp has pulled back from its promise to cut oil and gas output by 40% while rapidly growing renewables by 2030 as a way to regain the confidence of investors, although it continues to ...

BP’s carbon-cutting target, announced in 2020, however, had stood out at the time as one of the most ambitious in the industry. “It’s a radical shift,” CEO Murray Auchincloss told the ...

BP to slash spending on net zero ventures as it focuses on oil and gas again The update is clearly aimed at bolstering investor support in light of the company’s flagging share price. Share this: ...

British oil and gas supermajor BP will scrap a previous target to ramp up renewable generation capacity 20-fold by 2030, returning instead to a focus on fossil fuels in an effort to mollify investors.

A massive hydrogen project at the heart of Ed Miliband’s net zero plans risks being cancelled as BP retreats from green targets. The H2Teesside scheme, announced in 2021 by the company’s then ...

STORY: BP has abandoned a target to cut oil and gas output by 2030.Three sources told Reuters of the new approach.They said CEO Murray Auchincloss is scaling back the firm's energy transition ...

British energy giant BP launched a major pivot back to its more profitable oil and gas business Wednesday, shelving its once industry-leading targets on reducing carbon emissions and slashing ...

In a statement titled “Reset BP,” the company said it will reduce its spending on net zero transition businesses by $5 billion a year to up to 2 billion. By contrast, it said it would increase its ...

Kirsty Wigglesworth. FILE - A sign at a BP petrol station in London, Feb. 7, 2023. British energy giant BP has confirmed it is to slash spending on green ventures and up its oil and gas production.

BP’s carbon-cutting target, announced in 2020, however, had stood out at the time as one of the most ambitious in the industry. “It’s a radical shift,” CEO Murray Auchincloss told the ...

A sign at a BP petrol station in London, Feb. 7, 2023. British energy giant BP has confirmed it is to slash spending on green ventures and up its oil and gas production.