BP Scraps Target of Reducing Oil Production by 2030

BP Scraps Target of Reducing Oil Production by 2030Oil major BP has scrapped its goal of reducing oil and gas production by the end of the decade, angering environmental groups who say the company is prioritizing profits over the planet. According to three sources who have knowledge on the matter, BP CEO Murray Auchincloss scaled back the company’s energy transition plans in order to regain investor confidence, reported Reuters. “As Murray said at the start of the year in our fourth-quarter results, the direction is the same but we are going to deliver as a simpler, more focused and higher-value company,” a spokesperson for BP said, as The Times reported. In 2020, BP unveiled an ambitious strategy to reduce its production by 40 percent, while quickly ramping up renewables by 2030, reported Reuters. In February of 2023, the London-based company pared back the reduction goal to 25 percent, as investors concentrated on near-term profits instead of the energy transition.