BP to almost double oil and gas production by 2030 in move away from green goals | Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green plan
https://www.theguardian.com/business/2025/feb/26/bp-oil-and-gas-spending-green-energy-scale-back
21 Comments
From the article: BP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.
The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago.
BP’s chief executive, Murray Auchincloss, added that it would be “very selective” about investing in low-carbon options, slashing more than $5bn (£4bn) from its previous green investment plan to take it down to between $1.5bn and $2bn.
“Today we have fundamentally reset BP’s strategy,” Auchincloss said. “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”
The move back towards fossil fuels represents a stark shift from the investment plan put forward five years ago by the former chief executive Bernard Looney. He had promised to shrink the company’s fossil fuel production to about 1.5m barrels a day and make BP a net zero energy company by 2050.
Auchincloss said BP would instead focus on strengthening its production portfolio by starting up 10 major oil and gas projects by 2027 and a further eight to 10 projects by the end of the decade.
The strategy reset has come amid growing pressure from shareholders to shrug off its green pledges, which initially won praise from green groups but have since been diluted as BP’s share price has suffered.
See, we’re pouring gasoline on society and setting it on fire. The green energy transition is a lie.
We should rise up, but I fear we wont until it is way too late.
So… how do we effectively boycott this entire company? My list is getting pretty large at this point.
Cool, double down on the clearly wrong move. That’s a plan.
Who the fuck is going to buy it?
China is steamrolling (pun intended) into renewables and electric cars, as is Europe.
Surely the CEO of this company is a worse person than the CEO of an insurance company
There is an episode of the Simpsons where one of the older men gets his beard trapped in a mechanical pencil sharpener. In an effort to release him his friend turns the handle, which pulls him closer to the sharpener. Seeing this he does the same thing again with the same result. This story reminds me of that approach.
If they want to burn the world, then I will burn the world. But I’ll start with their homes and livelihoods first.
This is idiotic.
Without any subsidies, solar and wind are already half the cost of fossil fuels generation.
These morons are gonna be like all the companies bagholding coal for decades.
It’s all systemic
Individual choices mean nothing. We must change the system or everything crumbles
Gulf of British Petroleum was always my first pick
I wonder how long it will last until it’s reversed again?
When they say “double,” how much of this production needs to be spilled into the ocean in order to be considered a Net positive?
Soooo fuck the planet and die out in a blaze of polluted, poisoned glory?
Murray Auchincloss, Helge Lund, Amanda Blanc, Johannes Teyssen, Karen Richardson, Kate Thomson, Melody Meyer, Pamela Daley, Tushar Morzaria, Bernard Looney, Gordon Birrell, Kerry Dryburgh and Satish Pai, currently calling themselves BRITISH PETROLEUM (formerly the Anglo-Persian Oil Company), did what now?
Seems like a bad idea. Not even talking about the environmental effect but financially. Realistically, what ever happens now will most likely be undone by the next president. Doesn’t seem financially wise to put plans that extend further than that.
So what were all the budget slashes and layoffs about then? Outsourcing?
At this point, I fail to see their endgame. How’s cash gonna help if **life** itself breaks down?
Translation: BP to almost double the stranded assets on its books by 2030 under the misguided belief that politicians will continue to bail them out.
Surprise! They invested into the republican party and are getting paid again! Republican voters are still dumb enough to think that campaign spending was equal.
It’s cause they can’t compete with China in the short term.