BP Strategy ‘Reset’: Black Is The New Green
Mees
FEBRUARY 28, 2025
The significant capital reallocation away from renewables and towards the upstream marks a complete U-turn from the strategy set out by former CEO Bernard Looney in 2020 when he pledged to reinvent BP, cutting upstream output by 40% versus 2019 levels by 2030, from 2.6mn boe/d to just 1.5mn boe/d (MEES, 7 August 2020).
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