bp has slashed planned investment in renewable energy and said it would increase annual oil and gas spending to $10 billion, in a major strategy shift aimed at boosting earnings and shareholder returns.
The oil major cut planned annual investment in energy transition businesses by more than $5 billion, from its previous forecast, to between $1.5 billion and $2 billion per year.
It is the latest big company in the energy sector to change its position in response to the need to lower carbon emissions and curb climate change, returning the focus to oil and gas.
BP now aims to grow oil and gas production to between 2.3 million and 2.5 million barrels of oil equivalent per day (boepd) in 2030. It pumped 2.36 million boepd in 2024.
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