The decrease in oil production in BP has stopped

According to Webangah News quoted by Mehr News Agency, citing Reuters, three knowledgeable sources announced that British Petroleum (BP) has abandoned its plan to reduce oil and gas production until 2030 because Murray Achinclos, the company’s CEO, has backed away from his energy transition strategy in order to regain investor confidence.

When this strategy was unveiled in 2020, it was the most ambitiousstyle=”text-align:justify”>program in the oil sector and It was gas because the commitment aimed at a 40% reduction in production and at the same time the rapid growth of renewable energies by 2030.

In February last year, the company backtracked on its position and proposed a 25% cut, which would reduce its production to 2 million barrels by the end of this decade. per day because investors focused on short-term returns instead of energy transition.

The London-listed company is now targeting several new investments in the Middle East and Gulf of Mexico to boost its oil and gas production, the sources said. .

Achincloss took the helm of BP in January, but to avoid the fall BP’s share price, which has underperformed rivals this year, has struggled as investors question the company’s ability to generate profits under its current strategy.

The 54-year-old Canadian, formerly BP’s chief financial officer, has tried to break away from Bernard’s approach Looney, the company’s former CEO, who was fired for lying about his relationships with colleagues, is stepping down and vowing instead to focus on profitability and investing in its most profitable businesses, oil and gas.

The goal of British Petroleum Company to reduce greenhouse gas emissions to zero by 2050 has been announced.