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

BP will abandon its green ambitions, including plans to cut its oil and gas production by the end of the decade, as part of a “fundamental reset” of the troubled company’s strategy.

Instead, it is ramping up its oil and gas investment to $10bn a year.

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.

Connecting offshore wind farms such as Sofia helps harness the power of the North Sea to keep the lights on and deliver homegrown energy to British consumers.

OFTO is part of Ofgem’s work to attract investors into the UK to boost growth and build a stable and secure energy system to deliver clean power to people’s homes.

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