BP Plc announced a scaling back of its climate goals in February as it unveiled record annual profits in 2022. Find out more.
Lawler’s comments come as European supermajors such as BP and Shell try to build profitable clean-energy businesses while also facing political pressure to pump more oil to cool prices.
BP and Shell are also trying to close a valuation gap with ExxonMobil and Chevron, U.S. rivals that have remained focused on oil and ruled out the kind of investments in renewable energy made by European supermajors. The U.S. will be a crucial growth engine, especially in oil and gas, with targets for offshore Gulf of Mexico output to rise by almost 50 per cent to 400,000 barrels a day by the “mid-2020s” and onshore shale to increase by 30 to 40 per cent, to as much as 450,000 b/d by 2025.It's just an adjustment for where the world is right nowBut Lawler played down the impact, saying that the company would not be distracted from its energy transition plans.
“It’s just an adjustment for where the world is right now,” Lawler added, referring to the energy crisis sparked by the war in Ukraine.Article content
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BP insists it's not slowing green transition to cash in on high oil pricesBP Plc announced a scaling back of its climate goals in February as it unveiled record annual profits in 2022. Find out more.
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