Details of BP PLCs (LON:BP. pivot continue to emerge following Tuesdays unveiling, with reports indicating that 'stranded' oil and gas projects – those not already attached to infrastructure – will be among those potentially set for the exit door.
Citing three sources familiar with the plan, a Reuters report said BP execs wanted to sell such assets to enable more investment into renewable energy.
READ: What becomes of BP in its lower carbon future[hhmc]
On Tuesday, BP said it will transition from being an international oil company to become an integrated energy company.
BP said it would cut oil and gas volumes by more than 40% over the next ten years. There will no new exploration in new countries and, operationally, the company plans to reduce its emissions by 30 to 35%.
The famous oiler told investors it will aim to increase renewable energy capacity some 20-fold from its current level of around 2.5 gigawatts to 50GW. At the same time, it wants to take a 10% share of the hydrogRead More – Source
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