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BP is moving away from its oil output target

July 9, 2024

Via: MoneyWeek

BP CEO Murray Auchincloss says the group has stopped bidding on new offshore wind projects in order to simplify operations and reduce costs, says Emma Powell in The Times.

At the same time, BP will spend more on new oil and gas assets, particularly in the Gulf of Mexico and the US Permian basin, where it already has a large presence. The moves hint at a further retreat from the “pivot towards greener forms of energy” embarked upon by former CEO Bernard Looney, especially since the energy-transition strategy has caused “disquiet” among investors and drawn criticism from activist investor Bluebell Capital.

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