BP CEO Murray Auchincloss speaks on a panel during CERAWeek 2024 in Houston
BP’s revised ‘energy addition’ strategy
London-listed IOC is pivoting back towards oil and gas and refocusing its clean energy business, with its Indonesia investment a perfect example of this new way forward
BP went bold on the energy transition in 2020 with a decarbonisation plan considered the most ambitious in the industry. It looked to establish a new target of cutting oil and gas production by 40% by 2030 while developing 50GW of renewable generating capacity over the same period. The major has been backtracking on these plans ever since, and it finally looks as if a new strategy is in place: energy addition. While further details of BP’s plans are still being awaited, the company’s recent announcements confirm the fact that it is committed to oil and gas, at least for the medium term. In late July, the major announced an FID on the Kaskida development, which will be its sixth operated hub
Also in this section
21 April 2026
After overcoming a COVID-induced demand collapse with several years of successful market management, geopolitical events have conspired to provide the pact’s biggest test to date
21 April 2026
The regime’s policy of using nuclear ambiguity as a deterrent may have failed but it has realised it has other cards to play, while its neighbours are reappraising their approach to security
21 April 2026
As the global energy system undergoes a fundamental realignment, Algihaz Holdings has established itself as a critical player bridging conventional energy markets and the next generation of renewable infrastructure.
21 April 2026
The 25th WPC Energy Congress is taking place from 11-15 October 2026 at the Riyadh Front Exhibition & Conference Center.
