BP Announces it will slash oil and gas production by 40%

Oil giant British Petroleum announced it will slash oil and gas production 40% by 2030 in a bid to transform the company into a net-zero carbon emissions energy provider. They have promised no new explorations for petroleum, further cementing trust that they will keep their word.

BP claim to be working towards offering renewables as an alternative source of energy, with biofuels, solar and wind power earmarked as replacements.

CEO Bernard Looney says he believes in the change, and has strong words about the transition.

“We have got to change – and change profoundly. But it is more than having to change – we want to change, because it is the right thing for the world, and it is a tremendous business opportunity for bp.”

The company is selling $15 billion in assets to reposition itself toward renewable energies and announced it will cut 10,000 staff by the end of the year in response to the covid-19 pandemic.

With such a troubled history and reluctance to be compliant with green solutions, it is difficult to comprehend. However, with such a big announcement, it could be promises are kept. Only time will tell, but fingers are still crossed.