46 m. ago BP abandons green energy drive by slashing renewables budget and ploughing extra £8bn into oil and gas

BP has faced a deluge of criticism from environmental activists after it announced plans to slash green energy spending and bump up its oil and gas production instead.

Economics

62 m. ago BP to almost double oil and gas production by 2030 in move away from green goals

Firm will be selective about investing in low-carbon options, slashing more than $5bn from previous green planBusiness live – latest updatesBP is almost doubling its target for oil and gas production by the end of the decade and slashing its spending on low-carbon energy as part of a fundamental reset of the troubled company away from previous green goals.The FTSE 100 fossil fuel company has promised shareholders it will increase its planned oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – almost twice the figure in its net zero plan set out five years ago. Continue reading...

Politics

84 m. ago BP share price: Energy giant to increase oil and gas production

BP is to ramp up its oil and gas production while cutting its investments in renewables.

Politics

93 m. ago BP signs $25bn deal to redevelop Iraq’s oil and gasfields as it slashes investments in renewable energy

BP previously committed to cut oil and gas production by 40 per cent by 2030

Economics

2 h. ago BP to slash spending on net zero ventures as it focuses on oil and gas again

British energy company BP has confirmed it is to slash spending on green ventures and up its oil and gas production

Economics

3 h. ago BP takes the axe to investment in green energy in "shocking" strategy U

Rethink comes five years after BP set ambitious targets to cut production of oil and gas by 40% by 2030

Events

3 h. ago BP ramps up oil and gas investment to $10bn a year in ‘fundamental reset’ – business live

Oil and gas giant abandons green ambitions, as boss says it will be ‘very selective’ about investing in fossil fuel alternativesBP will abandon its green ambitions, including plans to cut its oil and gas production by the end of the decade, as part of a “fundamental reset” of the troubled company’s strategy.Instead, it is ramping up its oil and gas investment to $10bn a year.Today we have fundamentally reset BP’s strategy. We are reducing and reallocating capital expenditure to our highest-returning businesses to drive growth, and relentlessly pursuing performance improvements and cost efficiency. This is all in service of sustainably growing cash flow and returns.This strategy will see BP grow its upstream oil and gas business, focus its downstream business, and invest with increasing discipline into the transition.Connecting offshore wind farms such as Sofia helps harness the power of the North Sea to keep the lights on and deliver homegrown energy to British consumers.OFTO is par...

Economics

3 h. ago BP takes the axe to investment in renewables in huge strategy U

Rethink comes five years after BP set some of the most ambitious targets among large oil companies to cut production of oil and gas by 40% by 2030

Politics

4 h. ago BP set to cut renewable investment and boost oil and gas production

BP previously committed to cut oil and gas production by 40 per cent by 2030

Politics

20 h. ago ‘I felt nothing but disgust’: Tesla owners vent their anger at Elon Musk

The tycoon’s links with Donald Trump and Germany’s far-right AfD have slammed the brakes on sales and put the car’s owners in a spinTesla sales almost halve in Europe over Musk’s ties to TrumpWhen Mike Schwede first sat in a Tesla Roadster 15 years ago, he felt like it was a glimpse into the future. By 2016, he was the proud owner of a Tesla, revelling in the thumbs up he would get from other drivers as he whizzed along Europe’s highways in the electric vehicle.But of late the sheen of owning a Tesla has begun to wear off. For years the brand has been synonymous with Elon Musk and his stance against the climate crisis. Recently, Schwede watched aghast as the Tesla CEO poured hundreds of millions into backing Donald Trump as he made promises to ramp up domestic oil and gas production. Continue reading...

Politics

8 d. ago Nigel Farage calls for reindustrialisation of Britain and higher birthrates

Reform leader tells ARC conference the UK needs ‘some sense of optimism’ and praises ‘Judeo-Christian culture’UK politics live – latest updatesNigel Farage has called for the “reindustrialisation” of Britain and “180-degree shift” to reverse the declining birthrate, as he praised the “Judeo-Christian culture” that he claimed underpinned western civilisation.Addressing a global gathering of rightwing activists in London, the Reform leader said the UK should rebuild its heavy industry, including through the domestic production of steel, oil and gas. Continue reading...

Politics

8 d. ago Fossil fuel industry accused of seeking special treatment over oilfield emissions

Lobbyists argued it was unfair for their industry to be treated the same as others as end product – oil and gas – inevitably produced emissionsExperts have accused the fossil fuel industry of seeking special treatment after lobbyists argued greenhouse gas emissions from oilfields should be treated differently to those from other industries.The government is embroiled in a row over whether to allow a massive new oilfield, Rosebank, to go ahead, with some cabinet members arguing it could boost growth and others concerned it could make the goal of reaching net zero emissions by 2050 impossible to reach. Labour made a manifesto commitment to halt new North Sea licensing, but Rosebank and some other projects had already been licensed and were awaiting final approval when the party won the general election. Continue reading...

Events