London — BP reiterated on Tuesday plans to equally divide its spending by 2030 between its oil and gas and energy transition businesses, increasing the total budget to up to $18 billion from a previously guided upper range of $16 billion.
It also said it would produce more oil and gas for longer than previously guided, foreseeing a reduction in its hydrocarbon output of around 25% by 2030 compared with 2019, down from a previous forecast of a 40% reduction.
“We need continuing near-term investment into today’s energy system – which depends on oil and gas – to meet today’s demands and to make sure the transition is an orderly one,” Chief Executive Bernard Looney said.
BP’s transition businesses include bioenergy, convenience retail shops, electric vehicle charging, renewables and hydrogen, taking up around 30% of the budget currently compared with 3% in 2019, a spokesperson said.
Reporting by Shadia Nasralla; editing by Jason Neely, Kirsten Donovan – Reuters
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