In this list
Coal | Electric Power | Natural Gas

BP's oil, gas output to fall 40% by 2030 amid transition to carbon energy company

Energy | Electric Power | Renewables | LNG | Natural Gas | Oil | Shipping

Energy Transition

Electric Power | Electricity | Energy | Energy Transition

European Long-Term Power Forecast

Energy | Oil | Energy Transition

APPEC 2022

Metals | Energy | Energy Transition | Electric Power | Non-Ferrous | Renewables | Electricity

Eight investors prequalify for Saudi Arabian zinc, copper mine site auction

Energy | Energy Transition | Metals | Steel | Steel Raw Materials

Direct-reduced iron becomes steel decarbonization winner

BP's oil, gas output to fall 40% by 2030 amid transition to carbon energy company

Highlights

Sees upstream production of 1.5 mil boe/d by 2030

Plans 10-fold boost on low carbon investment

London — BP expects its oil and gas production to fall by at least 1 million b/d of oil equivalent or 40% over the next decade, as it transitions to a lower carbon energy company, the company said.

Not registered?

Receive daily email alerts, subscriber notes & personalize your experience.

Register Now

Under a new strategy announced August 4, BP said it will boost investment on low carbon projects such as renewables, bioenergy by 10-fold to around $5 billion/year by 2030 as part of plans to become a "net zero" emitter.

The move will see BP's upstream oil and gas production fall from 2.6 million boe/d in 2019 to around 1.5 million boe/d while its refining throughput is expected to fall from 1.7 million b/d in 2019 to around 1.2 million b/d.

"BP has been an international oil company for over a century - defined by two core commodities produced by two core businesses. Now we are pivoting to become an integrated energy company - from IOC to IEC," CEO Bernard Looney said in a statement.

As a result, BP said it expects its emissions from its operations and those associated with the carbon in its upstream oil and gas production to be lower by 30-35% and 35-40%, respectively.

BP had already flagged plans for the "most wide-ranging reorganization in [BP's] history" on February 5, announcing ambitious targets for the oil major to become a net-zero carbon emitter by 2050 or sooner.