Innovative Energy Consultancy Ltd
Innovative Energy Consultancy Ltd

BP to Cut Oil and Gas Production by 40% by 2030

As oil and gas demand continues to decline, Bernard Looney, CEO of BP, said that the company aims to cut the amount of oil and gas it produces by 40% by the end of 2030.

On Tuesday 4th August, the energy giant announced that it will be working on plans to become a ‘net zero’ company by 2050, increasing investments in low-carbon projects to around five billion US dollars a year.

Following Mr Looney’s statement, Mel Evans, senior climate campaigner for Greenpeace UK said: “BP has woken up to the immediate need to cut carbon emissions this decade.”

“Slashing oil and gas production and investing in renewable energy is what Shell and the rest of the oil industry need to do for the world to stand a chance of meeting our global climate targets.”

Appointed in February 2020, Mr Looney made it clear from the outset that he wanted his term to be defined by the carbon transition. He plans to use the company’s hydrocarbons to invest in the transition, using its oil profits to “enable the strategy”.

However, environmentalists are still urging for further change, as Mel Evans from Greenpeace stated: “BP must go further and needs to account for or ditch its share in the Russian oil company, Rosneft. But this is a necessary and encouraging start”.

Read the full article here.