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
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
14 January 2026
Chavez’s socialist reforms boosted state control but pushed knowledge and capital out of the sector, opening the way for the US shale revolution
