BP, the energy giant, has announced a strategy shift towards oil and gas, cutting investments in clean energy and redirecting spending towards fossil fuels. The move, dubbed a “reset,” aims to capitalize on growing demand for energy and increase financial returns. BP plans to boost oil and gas investment by 20% to around $10 billion per year, while reducing renewables spending by 70%. The shift may raise concerns about stranded assets as the energy transition progresses, but analysts say it’s more shareholder-friendly.
Source: https://www.nytimes.com/2025/02/26/business/bp-oil-gas-renewables-strategy.html