BP has confirmed it will slash spending on net-zero transition businesses by more than five billion US dollars (£3.95 billion) a year, and significantly ramp up its oil and gas operations.
The fossil fuels giant said it still hopes to become a net-zero company but will only spend up to two billion dollars (£1.6 billion) a year on projects aimed at the energy transition, a significant cut.
It said it will increase oil and gas investment by about 20% to 10 billion US dollars (£7.9 billion) a year as part of a major strategy update.
BP made about £7.2 billion last year, down a third on the year before, after oil and gas prices fell from the highs seen in the wake of Russia’s invasion of Ukraine.
He added that as well as the increase in oil and gas spending, BP will be “very selective in our investment in the (energy) transition, including through innovative capital-light platforms”.
