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Posted By OrePulse
Published: 27 Feb, 2025 07:21
BP boosts fossil fuel spending to $10bln, sets $20bln divestment target
BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.
The company also said it was reviewing its lubricants business, Castrol, and targeting $20 billion in divestments by 2027.
The oil major said investment in transition businesses is planned for $1.5 billion to $2 billion per year, more than $5 billion lower than its previous expectation.
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