BP HAS ABANDONED ITS TARGET TO REDUCE OIL AND GAS PRODUCTION BY 2030
BP has decided to abandon its previous goal of reducing its oil and gas production by the end of the decade. BP's official logo The UK-based company is shifting its focus back to its core hydrocarbons business in order to enhance investor returns, Reuters reported on Monday, citing sources familiar with BP's plans. According to Reuters's sources, BP intends to increase investments in oil and gas production, with plans to ramp up output in the U.S. Gulf of Mexico and the Middle East. BP's CEO Murray Auchincloss, who took over from Bernard Looney, is expected to announce the company's new strategy in February 2025. This strategy will include formally scrapping the 2030 oil and gas production target, as per the sources. Europe's major oil companies, while maintaining their 2050 net-zero targets, are adjusting their interim emission reduction goals to prioritize returning more cash to shareholders, emphasizing profitability from fossil fuels over renewables. This ...