BP Adjusts Strategy, Drops 2030 Oil and Gas Reduction Target

Oct 07, 2024

BP has decided to abandon its goal of reducing oil and gas production by 2030, as the company shifts its focus. BP's CEO, Murray Auchincloss, is working on revamping the company's energy transition strategy to rebuild investor confidence.

Instead of reducing production, BP plans to increase investments in the Middle East and the Gulf of Mexico. This strategic change aims to boost BP's oil and gas output.

A spokesperson for BP commented that the company is aiming to become a simpler, more focused, and higher-value entity.

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