Firm confirms plans to scale back green energy efforts and ‘fundamentally reset’ strategy

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BP will abandon its green ambitions by increasing its oil and gas investment to $10bn a year as part of a fundamental reset of the troubled company’s strategy.

The company has confirmed that it will scrap its plan to cut its fossil fuel production and will instead grow production to 2.3–2.5 million barrels of oil a day by the end of the decade.