BP is abandoning its target to reduce oil and gas production by 2030 and increasing investments in fossil fuels to boost shareholder returns.
BP has scrapped a previous target to reduce its oil and gas production by the end of the decade as the UK-based supermajor is pivoting back to its core hydrocarbons business to lift investor returns, Reuters reported on Monday, citing sources familiar with the plans. BP aims to pour new investments in oil and gas production and is set to increase its output in the U.S. Gulf of Mexico and the Middle East, according to Reuters’s sources.
Following the Russian invasion of Ukraine and the energy crisis, the oil and gas industry has stressed that affordability and energy security are at least as equally important as helping the world reduce carbon emissions. Auchincloss has expressed in the past views that the supermajor would “pragmatically adapt” to energy demand trends. BP still aims to be a net-zero energy company by 2050, but its focus would be on a leaner company with higher returns for shareholders.
Oil And Gas Production Investor Returns Net-Zero Target Energy Security Emission Reduction Kaskida Project Shareholder Cash Gulf Of Mexico Reuters.
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