BP Abandons Clean Energy Push, Prioritizes Domestic Oil Production

BP is undergoing significant changes under its new CEO, Meg O'Neill. The company has shifted away from its focus on clean energy and is now emphasizing its role as a global integrated oil and gas company.

O'Neill has acknowledged that BP's performance over the past few years has not met expectations, and she is taking steps to address this issue. One of these steps includes pulling out of the North Sea due to high taxes and regulation making it uncompetitive.

BP is also ditching Archaea, a US biogas business acquired for $4bn in 2018 under former CEO Bernard Looney's leadership. O'Neill has stated that certain investments in green energy have not 'delivered the returns that we expect.'

In a message to Prime Minister Rishi Sunak, O'Neill emphasized the importance of the UK North Sea as a source of oil and gas. She noted that 75% of Britain's energy comes from fossil fuels, making it crucial for BP to prioritize domestic production.