BP is preparing to drop a target to cut its oil and gas production by the end of the decade, as its boss works to close the valuation gap with rivals in the energy industry.
The FTSE 100 oil company had first introduced an ambitious goal to reduce its oil and gas output by 40 per cent by 2030 and to boost spending on renewables, in a significant reset of its strategy set out in 2020 by Bernard Looney, the former chief executive who was forced to resign last year after failing to disclose the full extent of his personal relationships with colleagues.
The target was reduced in February last year, after a dramatic rebound in commodities prices, to a 25 per cent cut