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
6 February 2026
The long close relationship between key supplier Qatar and pivotal buyer Japan becomes even deeper following new landmark deal
6 February 2026
Partnerships across the LNG value chain have evolved over time, growing in both complexity and importance, according to panellists at LNG2026
6 February 2026
Nigeria's mega-refinery is still trying to solve many challenges, all while its owner talks up expansion
5 February 2026
While broadly supportive of EU efforts to tackle methane emissions, representatives of the gas industry warn it could deter supply contracting if timelines and compliance requirements are not made more pragmatic
