BP refocuses on oil and gas

BP has decided to refocus on oil and gas, abandoning its ambitions in the field of renewable energies. BP CEO Murray Auchincloss, who took up his post in January 2024, believes that the group, which wanted to become a leader in renewable energies, overestimated the speed of the energy transition. The group now considers that the need for oil and gas will remain at the current level for several decades, justifying the group's refocusing on fossil fuels. This refocusing strategy should enable BP to double its market capitalisation. BP's market value is now less than $100 billion. It exceeded $250 billion in 2005.