BP on 25 February “fundamentally reset” its strategy. The “significant capital reallocation” away from renewables and towards the upstream marks a complete U-turn from the strategy set out by former CEO Bernard Looney in 2020 when he pledged to “reinvent” BP, cutting upstream output by 40% versus 2019 levels by 2030, from 2.6mn boe/d to just 1.5mn boe/d (MEES, 7 August 2020).
A year ago then-new CEO Murray Auchincloss scaled this back to a 25% cut, for 2mn boe/d 2030 output with $8.5bn/year in upstream capex. Mr Auchincloss on 25 February said BP will hike this to $10bn/y with the aim of rebounding output to 2.3–2.5mn boe/d by 2030 and “the capacity to increase further out to 2035.” (CONTINUED - 456 WORDS)
