BP is set to slash oil and gas production by 40%

BP to slash oil and gas extraction, increase low-carbon investments

CEO of BP Bernard Looney. Wikimedia Commons

After one of its worst-performing quarters ever, BP announced Tuesday it will cut its oil and gas production by 40% and increase its spending on low-carbon energy tenfold over the next 10 years and halt oil and gas exploration in new countries.

The low-carbon investments are expected to include renewable energy as well as carbon capture, bioenergy and hydrogen production. Analysts said BP, which wrote down nearly $18 billion in assets in the second quarter, is attempting to get ahead of what climate change would force it to do anyway. Mel Evans, a senior climate campaigner for Greenpeace UK, offered qualified praise to the Guardian, saying BP had “woken up to the immediate need to cut carbon emissions this decade,” and that “BP must go further … But this is a necessary and encouraging start.”

You May Also Like:

*****
Back To Front Page