BP abandons 2030 production reduction target, shifts strategy under CEO Murray Auchincloss.

BP has abandoned its 2030 target to reduce oil and gas production, shifting its strategy under CEO Murray Auchincloss to restore investor confidence. Initially aimed at a 40% reduction, the new focus includes increased investments in oil and gas in the Middle East and the Gulf of Mexico. Despite this change, BP remains committed to achieving net-zero emissions by 2050, reflecting a broader trend among European oil companies to prioritize short-term returns.

October 07, 2024
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