96 m. ago BP to ramp up oil and gas output in major shift away from green goals

Fossil fuel firm will cut more than $5bn from low-carbon investment plan in ‘fundamental reset’Business live – latest updatesBP is dropping green goals, ramping up oil and gas production and slashing spending on low-carbon energy as part of a fundamental reset of the troubled company.The FTSE 100 fossil fuel company has promised shareholders it will increase its target for oil and gas production by 2030 to the equivalent of about 2.4m barrels a day – about 60% higher than the figure in its net zero plan set out five years ago. Continue reading...

Politics

2 h. 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

2 h. 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

2 h. ago BP axes £4bn of net zero spending in renewed oil and gas push

BP said it still hopes to become a net-zero firm but will only spend up to £1.6bn a year on projects aimed at the energy transition, representing a significant cut.

Economics

3 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

4 h. ago BP to raise oil and gas spending to $10bn a year in pivot away from green goals

Firm confirms plans to scale back green energy efforts and ‘fundamentally reset’ strategyBusiness live – latest updatesBP will abandon its green ambitions by increasing its oil and gas investment to $10bn a year as part of a fundamental reset of the troubled company’s strategy.The company has confirmed that it will scrap its plan to cut its fossil fuel production and will instead grow production to 2.3m–2.5m barrels of oil a day by the end of the decade. Continue reading...

Economics

5 h. ago BP to slash renewables spending in pivot back to oil and gas

Shift follows pressure from activist hedge fund Elliott Management

Politics

58 h. ago EU spends more on Russian oil and gas than financial aid to Ukraine – report

Europe estimated to have bought €22bn of fossil fuels from Russia in 2024 but gave €19bn to support KyivThe EU is spending more money on Russian fossil fuels than on financial aid to Ukraine, a report marking the third anniversary of the invasion has found.The EU bought €21.9bn (£18.1bn) of Russian oil and gas in the third year of the war, according to estimates from the Centre for Research on Energy and Clean Air (Crea), despite the efforts under way to kick the continent’s addiction to the fuels that fund Vladimir Putin’s war chest. Continue reading...

Economics

8 d. ago Europe’s seaborne imports of gas fall by fifth to lowest since 2021, report finds

UK records 47% annual drop as governments aim to replace fossil fuels but also spend billions on new LNG terminalsEuropean imports of seaborne gas shipments fell by a fifth last year to their lowest level since the pandemic, according to a new report, while the UK’s plunged by nearly a half, but governments are continuing to spend billions on new import terminals.The Institute for Energy Economics and Financial Analysis (IEEFA) found that Europe’s imports of liquefied natural gas, known as LNG, fell by 19% last year to lows not seen since 2021 as governments worked to replace fossil fuels with renewable energy. Continue reading...

Politics

8 d. ago Just Stop Oil activist part of ‘audacious plan to raise awareness’ during proposed Manchester Airport protest

Five people are on trial accused of conspiring to intentionally cause a public nuisance

Events