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Green groups angered as BP abandons plan to reduce oil production


Environmental groups are outraged by reports that BP has abandoned its target to cut oil output in the next five years, accusing the company of prioritizing profits over the health of the planet. The move, which would involve scrapping a plan to reduce oil and gas output by 25% by 2030, is part of a strategy reset by CEO Murray Auchincloss to focus on more profitable oil and gas operations and attract investors.

Despite this decision, BP and rival Shell saw an increase in share prices as the price of oil rose above $80 a barrel for the first time since August. BP is planning to make new investments in the Middle East and the Gulf of Mexico to boost output. The company’s spokesperson emphasized that BP is still committed to being a simpler, more focused, and higher value company.

Greenpeace and Reclaim Finance criticized BP for prioritizing profits over climate action, with Greenpeace’s Philip Evans stating that fossil fuel bosses like Auchincloss cannot be trusted with the future of the planet. Reclaim Finance’s Agathe Masson urged investors to reject BP’s climate-wrecking strategy and vote against directors at the next annual shareholder meeting.

The move by BP represents a shift away from more ambitious green targets set under former CEO Bernard Looney, who pledged to cut oil and gas production by 40% by 2030. Auchincloss, who took over in January, has pivoted towards oil and gas and scaled back investments in renewables, including halting new offshore wind projects. However, the company is still aiming to achieve net zero emissions by 2050.

Shell also reported a drop in refining profit margins due to slowing global demand, indicating the challenges faced by oil and gas companies in the transition to a more sustainable energy future. Investment in transition technologies and renewables is seen as crucial by experts in the industry to fill the gap left by traditional oil and gas majors.

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Photo credit www.theguardian.com

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