BP CEO Murray Auchincloss speaks on a panel during CERAWeek 2024 in Houston
BP’s revised ‘energy addition’ strategy
London-listed IOC is pivoting back towards oil and gas and refocusing its clean energy business, with its Indonesia investment a perfect example of this new way forward
BP went bold on the energy transition in 2020 with a decarbonisation plan considered the most ambitious in the industry. It looked to establish a new target of cutting oil and gas production by 40% by 2030 while developing 50GW of renewable generating capacity over the same period. The major has been backtracking on these plans ever since, and it finally looks as if a new strategy is in place: energy addition. While further details of BP’s plans are still being awaited, the company’s recent announcements confirm the fact that it is committed to oil and gas, at least for the medium term. In late July, the major announced an FID on the Kaskida development, which will be its sixth operated hub
Also in this section
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
21 January 2025
The new president must put his cards on the table and tell the American people, and the world, if the US is formally abandoning the energy transition
