BP to Grow Low-Carbon Projects, Shrink Oil and Gas

摘要

BP plans to boost its low-carbon spending to $5 billion annually by 2030, while reducing oil and gas production by at least 1 million barrels per day from 2019 levels as it strives to become an “integrated energy company,” it revealed Aug. 4. The UK major chose the day of its second-quarter results-when it announced a record adjusted net loss of $6.7 billion in the three months to Jun. 30 and a halving of its dividend-to itemize details about where it would focus its investments and milestones on the way to its 2050 net-zero target. CEO Bernard Looney laid out the company’s “three by three” strategy for a “decade of deliv-ery.” This consists of three focus areas for BP-low-carbon electricity and energy; convenience and mobility and resil-ient and focused hydrocarbons-alongside three sources of differentiation-integrated energy systems; partnerships with countries, cities and industries; and digital and innova-tion. The focus areas will see BP build scale in renewables and bioenergy while seeking early positions in hydrogen and carbon capture, utilization and storage.