Oil and gas giant abandons green ambitions, as boss says it will be ‘very selective’ about investing in fossil fuel alternatives

BP said it is looking to sell its lubricants business, Castrol, and is targeting $20bn in divestments by 2027.

The oil giant said it now plans to invest $1.5bn to $2bn a year in energy transition businesses – more than $5bn lower than its previous expectation.

Today we have fundamentally reset BP’s strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns.

This strategy will see BP grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition.