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    BP intends to streamline its renewable energy operations

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    BP plans to streamline its operations, with reports indicating a halt on new investments in offshore wind projects. BP said that it remains committed to transitioning from an integrated oil company (IOC) to an integrated energy company (IEC), aiming to become a “simpler, more focused, and higher value company.” This follows a Reuters report that BP is pausing new offshore wind projects.

     

    According to unnamed sources, CEO Murray Auchincloss is shifting focus back to oil and gas due to “investor discontent.” This strategy, impacting new offshore wind projects, involves slowing investments in expensive, low-carbon projects that won’t generate cash for several years, as per Reuters.

     

    In February, BP outlined six priorities for its transition, emphasizing greater focus on high-value activities and achieving efficiencies and growth projects.

     

    A spokesperson at BP said “The actions we are taking are part of delivering this – and of course are all in service of our aim of growing the value of BP.”

     

    Earlier this year, the company also implemented changes to streamline its organization and set a goal to reduce cash costs by at least $2 billion by the end of 2026.

     

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