‘Too far, too fast’: BP’s retreat from the #renewables it once championed
#BP CEO Murray Auchincloss has shifted the company’s strategy to increase #oil and gas production while reducing targeted investments in the energy transition. It acknowledged that the company’s earlier fast energy #transition ambitions were overly optimistic, and has reset the strategy to focus on growth, value creation, and operational efficiency, responding to market realities and shareholder expectations.
Since becoming CEO in 2023, Auchincloss has emphasized affordable, reliable #energy demand globally, leading BP to raise its upstream oil and gas investment by about 20% to $10 billion annually through 2027. This includes expanding projects in the Middle East, such as a February 2025 agreement with Iraq to develop oil fields in Kirkuk. BP plans 10 new major oil and #gas projects by 2027.
RE: LeoThread 2025-08-03 17:13