62 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

92 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

1 hour 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 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

2 h. 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 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

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

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

4 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

4 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 to slash renewables spending in pivot back to oil and gas

Shift follows pressure from activist hedge fund Elliott Management

Politics

5 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

21 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

25 h. ago 'Stark' poll result reveals just how many Scots support oil and gas drilling

Survey shows 84 per cent of Scots want the country to keep extracting fossil fuels

Politics

26 h. ago Vast majority of Scots support continued oil and gas extraction, poll finds

The survey found most people in Scotland want to see a mix of renewable and fossil fuel production.

Politics

33 h. ago BP to abandon pledge to cut oil and gas output as boss fights for group’s survival

Auchincloss must convince activist investor Elliott Management he can turn around troubled oil major

Events

33 h. ago BP to abandon pledge to cut oil and gas output as chief fights for group’s survival

Auchincloss must convince activist investor Elliott Management he can turn around troubled oil major

Events

48 h. ago BP expected to scrap renewables target in shift back to fossil fuels

Goal of increasing renewable energy generation 20-fold to be ditched, shareholders to be told this weekBP is expected to ditch a target to ramp up renewable energy generation by 2030 as part of a shift back towards fossil fuels when it presents its strategy to investors this week.The chief executive, Murray Auchincloss, is poised to tell shareholders that the oil and gas company is scrapping its target to increase renewable generation 20-fold between 2019 and 2030 to 50 gigawatts, Reuters reported. Continue reading...

Events

57 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