BP is shifting gears—hard. The oil giant has confirmed it will increase oil and gas investment to $10 billion a year, scrapping previous promises to cut fossil fuel production.
By the end of the decade, BP now expects to produce 2.3 million to 2.5 million barrels of oil per day—a stark contrast to its earlier goal of scaling back to 1.5 million.
A “Fundamental Reset” for BP
CEO Murray Auchincloss made no apologies for the move. “Today, we have fundamentally reset BP’s strategy,” he said. “This is a reset BP, with an unwavering focus on growing long-term shareholder value.”
In other words, BP is putting profits ahead of green goals.
Shareholder Pressure and Hedge Fund Takeovers
The change comes amid growing pressure from investors. BP has lost nearly a quarter of its market value in the past two years, while rivals like Shell and Exxon have surged ahead by ramping up oil and gas production.
Meanwhile, US hedge fund Elliott Management has quietly built a £3.8 billion stake in BP. The activist investor is expected to push for major changes—possibly even a breakup of the company.
Climate Campaigners Slam the Move
Unsurprisingly, environmental groups are furious.
Matilda Borgström from climate action group 350.org said: “This move by BP proves why profit-chasing corporations cannot be trusted to fix the climate crisis.”
She warned that doubling down on fossil fuels “flies in the face of legal climate targets” and puts BP’s shareholders at long-term financial risk.
The Bottom Line
BP has made its priorities clear. Less green, more oil. And with investor pressure mounting, this may just be the beginning of a much bigger shift.
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