BP Shifts Strategy, Drops 2030 Oil Output Reduction Target

BP's new CEO refocuses on oil and gas investments in the Middle East and Gulf of Mexico to boost investor confidence.

BP has abandoned its previous goal to reduce oil and gas production by 25% by 2030, following an earlier reduction from a 40% target.
CEO Murray Auchincloss aims to restore investor confidence by increasing oil and gas output through significant investments in the Middle East and Gulf of Mexico.
The company continues to pursue its net zero emissions target by 2050, despite the strategic shift towards fossil fuels.
BP plans to sell its American onshore wind business to focus more on solar energy, reflecting a strategic pivot in its renewable investments.
Auchincloss will present an updated strategy in February, with BP already engaging in new projects in Iraq and considering investments in Kuwait and the Gulf of Mexico.