BP is to streamline its operations as reports suggest it is halting new investments in offshore wind projects.
A spokesperson told reNEWS BP remains committed to transforming from an integrated oil company into an integrated energy company, but the strategy will deliver “a simpler, more focused and higher value” proposition, after Reuters reported senior leadership has paused new offshore wind projects.
The company said it is placing “greater focus on activities that create the most value” while also delivering “both the next wave of efficiencies and growth projects”.
“Earlier this year we introduced changes to simplify BP’s organisation and a target to save at least $2bn in cash costs by end-2026,” the BP spokesperson added.
“The actions we are taking are part of delivering this – and are all in service of our aim of growing the value of BP.”
According to Reuters, unnamed sources at BP have said chief executive Murray Auchincloss (pictured) is placing a “renewed emphasis on oil and gas amid investor discontent”.
The moves are part of a decision by Auchincloss to slow down investments in big budget, low-carbon projects that are not expected to generate cash for years, according to the publication.