BP has a new chief executive after Mr Looney quit in 2023, and his replacement, Canadian Murray Auchincloss, said earlier in February that he would carry out a “fundamental reset” of BP’s strategy.
The group of investors, which includes Scottish Widows, Hargreaves Lansdown Fund Managers and Royal London Asset Management arm, wrote to BP last week to say they expect a say on any plans.
BP is expected to scrap many of its environmental promises, slash spending on renewable energy and refocus on fossil fuel production at a landmark strategy summit on Wednesday.
The oil and gas giant is to announce its new strategy at a meeting in London this afternoon, after coming under pressure from some shareholders over falling profits and a share price that has lagged behind rival Shell.
He added: “Expansion of BP’s oil and gas extraction activities is misaligned with long term global energy projections and at odds with the decarbonisation trajectory needed to limit global warming to 1.5C.
