• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 48 mins The United States produced more crude oil than any nation, at any time.
  • 21 hours China deletes leaked stats showing plunging birth rate for 2023
  • 3 hours The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Bad news for e-cars keeps coming
What’s Next for the EU?

What’s Next for the EU?

The European Parliament election results…

BP Expected to Reverse Its Pledge to Cut Oil and Gas Production

BP is expected to reverse a previous commitment to reduce oil and gas production by the end of the decade amid a broader pivot in the industry to continue providing the hydrocarbons the world needs, some of the biggest shareholders in the UK-based supermajor told the Financial Times.

BP’s peer Shell has already eased its carbon intensity target for 2030 as it has shifted away from clean power sales to retail customers. 

While keeping their 2050 net-zero targets intact, Europe’s major oil companies have started to scale back interim emission reduction targets, acknowledging that their priorities now lie with returning more cash to shareholders. And these returns come from the fossil fuel business, not from renewables.    

Following the Russian invasion of Ukraine and the energy crisis, the oil and gas industry has stressed that affordability and energy security are at least as equally important as helping the world reduce carbon emissions.

Emissions could be reduced faster with more renewables, carbon capture, or hydrogen, but none of these clean energy alternatives have proved ready to replace oil and gas. And most importantly—none of these are as profitable as oil and gas. 

As BP prepares to announce first-quarter results on Tuesday, shareholders expect the supermajor to announce – not necessarily this week – new oil and gas production targets that would further scale back a 2020 pledge to cut hydrocarbon production by 40% by 2030.

“Do we think BP is going to change their guidance on oil production? Yes, we do,” a representative of one of BP’s top ten shareholders told FT.

Another investor told the financial publication that they would “love them to build more in renewables” but that returns for shareholders in clean energy are not just there, yet.

ADVERTISEMENT

BP’s new CEO Murray Auchincloss, who succeeded Bernard Looney, has expressed in the past views that the supermajor would “pragmatically adapt” to energy demand trends.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News