Tool Monkeys!! Fuck Yeah!! BP Announces Plan To Increase Oil Ouput To 2.3-2.5 Million Barrels/Day By 2030

[hatrack]

BP will abandon its green ambitions by increasing its oil and gas investment to $10bn a year as part of a fundamental reset of the troubled company’s strategy. The company has confirmed that it will scrap its plan to cut its fossil fuel production and will instead grow production to 2.3m–2.5m barrels of oil a day by the end of the decade.

The oil supermajor’s chief executive, Murray Auchincloss, added that it would be “very selective” about investing in fossil fuel alternatives that help the energy transition. “Today we have fundamentally reset BP’s strategy,” he said. This is a reset BP, with an unwavering focus on growing long-term shareholder value.”

The new strategy represents a stark shift from the investment plan put forward five years ago by the former chief executive Bernard Looney, who promised to shrink its oil and gas production to about 1.5m barrels a day and make BP a net zero energy company by 2050.

BP has come under growing pressure from shareholders to retreat from the green pledges. BP has lost almost a quarter of its market value in the past two years while the market value of its rivals Shell and Exxon has increased while they pursue greater oil and gas production.

EDIT

https://www.theguardian.com/business/2025/feb/26/bp-oil-and-gas-spending-green-energy-scale-back