BP ramps up oil and gas investment to $10bn a year in ‘fundamental reset’ – business live
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.
Dogger Bank C
Inch Cape
East Anglia 3
Continue reading...
Read more at The Guardian
-
BP to ramp up oil and gas output in major shift away from green goals
Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’. Business live – latest updates BP is dropping green goals, ramping up oil and gas production ...The Guardian - 30m -
BP shuns renewables in return to oil and gas
The energy giant has announced its strategy after rivals also rowed back on green energy plans.BBC News - 2h -
BP to slash renewables spending in pivot back to oil and gas
Shift follows pressure from activist hedge fund Elliott ManagementFinancial Times - 4h -
Oil major BP to slash renewable spending and double down on fossil fuels in strategy reset
British oil major BP on Wednesday announced plans to increase annual oil and gas investment to $10 billion as part of a fundamental strategic reset.CNBC - 2h -
BP to abandon pledge to cut oil and gas output as chief fights for group’s survival
Auchincloss must convince activist investor Elliott Management he can turn around troubled oil majorFinancial Times - 1d -
With tariffs ramping up, this investment option can provide protection against inflation
The threat of tariffs on imports is causing some investors to consider increasing their exposure to TIPS to help buffer their portfolios against inflation.CNBC - 4d -
Keir Starmer urged to ramp up defence spending – UK politics live
This is ‘probably one of the most alarming times for Britain’s defence since the second world war’, says Lib Dem leader Ed Davey as he calls for more spending. The Democratic Unionist Party has ...The Guardian - 4d -
Apple cheers Trump with $500bn US investment plan; UK defence firm Chemring ‘targeted’ by private equity firm – business live
One of the world’s largest private equity investors has made an approach to buy Chemring, the FTSE 250 defence group, Sky News reports. German election live: Merz says priority is to make Europe ...The Guardian - 2d -
BP’s going back to petroleum as it plans more oil spending and production
Embattled oil major BP on Wednesday unveiled what it billed as a strategic reset, planning to increase oil and gas investment while reducing outlays for greener fuels.MarketWatch - 3h
More from The Guardian
-
Russia-Ukraine war live: Zelenskyy says no security guarantee agreed with the US and minerals deal ‘depends on Trump’
The Ukrainian president told reporters there will be no ceasefire without security guarantees and that ‘nothing will work’. The Kremlin said on Wednesday that expert level talks between the US ...The Guardian - 22m -
Trump faces Truth Social backlash over AI video of Gaza with topless Netanyahu and bearded bellydancers
Users of president’s own social media site criticise video showing reimagined Gaza featuring Trump and Israeli PM sipping cocktails. Donald Trump is facing a backlash on his Truth Social platform ...The Guardian - 2h -
Colombia risks return to violent past, says architect of landmark peace deal
Exclusive: The bloody foundering of President Gustavo Petro’s ‘Total Peace’ strategy is a ‘national failure’, says Juan Manuel Santos, who ended war with Farc guerrillas in 2016. Colombia risks ...The Guardian - 2h -
Musk’s cost-cutting drive quietly deletes billions in claimed savings from website
‘Wall of receipts’ drops five largest savings claimed by ‘department of government efficiency’ after debunking. US politics live – latest updates When Elon Musk ’s cost-cutting drive, the ...The Guardian - 51m -
Thousands of Israelis line streets for funeral of Bibas family killed in Gaza
National outpouring of grief comes amid reports that deal reached to resume ceasefire with Hamas. Thousands of Israelis have lined the route of a funeral procession for two small children and their ...The Guardian - 1h
More in World
-
England need 326 to defeat Afghanistan: Champions Trophy cricket – live
Champions Trophy updates from Lahore, 9am GMT start Read this week’s edition of The Spin | And email Jim Is Livingstone living on a prayer? . Yes, says John Starbuck :. Hi. Unless he ...The Guardian - 18m -
Family mourns grandfather’s death as Israel brings Gaza tactics to West Bank
Major military operation causes largest displacement of Palestinians in West Bank since Israel seized it in 1967. Waleed Lahlouh was 73, with a shock of white hair that marked his age, when Israeli ...The Guardian - 18m -
Sudan military plane crashes in residential area
Yahoo News - 21m -
Russia-Ukraine war live: Zelenskyy says no security guarantee agreed with the US and minerals deal ‘depends on Trump’
The Ukrainian president told reporters there will be no ceasefire without security guarantees and that ‘nothing will work’. The Kremlin said on Wednesday that expert level talks between the US ...The Guardian - 22m -
Iran accelerates production of near weapons-grade uranium, IAEA says
A report by the United Nations’ nuclear watchdog says Iran has accelerated its production of near weapons-grade uranium as tensions between Tehran and Washington rise after the election of U.S. ...ABC News - 25m
