BP is preparing to abandon plans to cut oil and gas production by 2030, according to reports. Under previous CEO Bernard Looney, BP vowed to reduce oil and gas output by 40 per cent while increasing low-carbon investments tenfold by 2030. It is instead pivoting towards more profitable oil and gas production, with new investments planned in the Middle East and Gulf of Mexico, according to Reuters. In August, BP signed a memorandum of understanding with the Iraqi Government to develop and explore the Kirkuk oilfield, which includes new oil and gas investment and power generation activities. BP shares were 1.6 per cent up at 423.6p on Monday morning, making them one of the blue-chip index's top risers.

Source: Daily Mail October 07, 2024 12:59 UTC