Energy major bp announced on Wednesday that it will increase its annual fossil fuel investments in oil and gas to $10 billion through 2027.
As part of its "reset strategy," the company will shift its focus to fossil fuels to improve financial performance and boost revenue, the oil major said in a statement.
The energy giant aims to boost its production to 2.3-2.5 million barrels of oil equivalent per day by 2030.
The company plans to maintain its annual spending on energy transition initiatives, including renewables, EVs, and biogas, at $1.5-2 billion. This represents a $5 billion reduction from previously announced investment levels.
Commenting on the company's new strategy, chief executive Murray Auchincloss said that bp will increase upstream investment and production to ensure the high-margin energy for years to come.
"We will focus our downstream on markets where we have leading integrated positions," Auchincloss said.
"We will be very selective in our investment in the transition, including through innovative capital-light platforms," he added.
In 2020, under the former CEO Bernard Looney, the company had pledged to cut oil and gas production by 40% by 2030 and increase renewable energy investments.
Reporting by Nuran Erkul in London
Writing by Handan Kazanci
Anadolu Agency
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