BP at risk of takeover without renewed oil and gas focus success It is nearly five years to the day since Bernard Looney, the then new chief executive of BP, set out a radical strategy for the oil major to go net zero by 2050.
It is unclear what actions Elliott hopes BP will take but it would not be a surprise were it, for example, to demand BP demerges its renewables assets from its traditional fossil fuel assets to become a focused oil and gas company again.
Under that strategy, BP would invest more in low carbon energy sources and less in oil and gas, even to the extent of leaving in the ground some of the oil and gas it had originally planned to extract.
A capital markets day, due to take place on 26 February, is expected to announce that BP is reducing its low carbon investments in order to focus on its core oil and gas assets.
The reset may even see BP abandon a pledge made by Mr Looney to reduce its oil production by 2030 to 70% of its level in 2019.
