BP has reportedly abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence.
According to Reuters sources, the London-listed company is now targeting several new investments in the Middle East and the Gulf of Mexico to boost its oil and gas output.
When unveiled in 2020, BP's strategy was the sector's most ambitious, with a pledge to cut output by 40 per cent while rapidly growing renewables by 2030.
The company scaled back the target in February last year to a 25 per cent reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition.
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