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BP looks to hire two more directors under oil-focused strategy

Oil & Gas 360ยบ

Last week, BP said that it is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year in the highly anticipated strategy reset. million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.

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A Staggering Excess Of Oil By 2030 is Unlikely

Energy Central

The International Energy Agency (IEA) recently released its Oil 2024 report, which examines the global dynamics for oil supply security, refining, trade, and investment.

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Valor | Energy Connection โ€“ Feb. 24, 2025

Valor

per barrel, while WTI dropped 28 cents to $70.12 per barrel, following a $2 decline on Friday. Read more BP to abandon green energy target and ramp up oil Summary : BP will abandon its plan to expand renewable energy generation 20-fold by 2030, scrapping its target of reaching 50 gigawatts (GW) and maintaining its current 8.2

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Peak Oil, Finally

Energy Central

" By IEA’s estimates, the world will still be using too much oil to be on track for climate targets by 2030 — even though EVs are expected to displace millions of barrels of oil per day by then. Canary Media: "Chart: Electric vehicle growth is slowly eating into global oil demand."

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The Great Energy Debate: Why the IEA's Peak Oil Forecast Might Be Completely Wrong - 23 Wrong Assumptions

Rextag

The International Energy Agency (IEA), once regarded as the gold standard for energy forecasting, now faces significant criticism for its 2024 World Energy Outlook (WEO). Mills, Executive Director of the National Center for Energy Analytics, and Neil Atkinson, Special Advisor , the IEAs peak oil demand forecast is deeply flawed.

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BPโ€™s Big U-Turn: Why Is the Energy Giant Returning to Oil and Gas? Shell, Equinor, and Exxon Are Making the Same

Rextag

BP has announced a shift in its energy strategy, moving away from aggressive renewables investments and increasing its oil and gas production spending. He stated that BPs initial faith in green energy was misplaced , leading to a strategic reset prioritizing stronger financial performance and higher shareholder returns. million and 2.5

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Profits or Planet? BPโ€™s โ€˜New Beginningโ€™: The Shift from Low Carbon to Core Oil and Gas and Q4 2024 Results

Rextag

Still, market watchers see the move as part of a larger trend: investors pushing traditional energy companies to maximize immediate shareholder returns rather than spending heavily on lower-carbon initiatives that may take years to pay off. Renewable Natural Gas (RNG) : Archaea Energy started up nine new RNG plants in the U.S.,

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