On October 7th, sources familiar with the matter revealed that energy giant BP has abandoned its goal of reducing oil and gas production by 2030. CEO Murray Auchincloss is scaling back BP's energy transition strategy in an effort to regain investor confidence.
BP released a ten-year strategic goal in 2020 aimed at achieving the "net zero" vision, proposing to reduce daily oil and gas production by at least 1 million barrels of oil equivalent by 2030, equivalent to a 40% reduction from 2019 levels. Last February, BP adjusted this target to a 25% reduction in production.
According to informed sources, BP is currently targeting several new investments in the Middle East and the Gulf of Mexico, seeking to increase its oil and gas production. (Reuters)