BP’s New Boss Has a Message for Britain
In 2020, BP unveiled a “major, necessary step in support of our purpose to reimagine energy for people and our planet.” The new strategy – “performing while transforming” – would see the firm “significantly scale-up our low carbon energy business” as part of a commitment “to become a net zero company by 2050 or sooner and help the world get to net zero.” Even the design of the annual report aimed…
In 2020, BP introduced a transformative strategy to reimagine energy for people and our planet. This move signaled a significant scale-up of the company's low carbon energy business, with a commitment to achieving net zero emissions by 2050 or sooner. The company's annual report adopted a more approachable design, featuring wind farm illustrations and a bold "bpnetzero" inscription on the cover.
However, with two CEOs and six years having passed, BP has now made a clear distinction, asserting that it is a global integrated oil and gas company, producing, trading, and selling energy products. CEO Meg O'Neill is spearheading this transformation, acknowledging that the firm's recent performance has fallen short of expectations and shareholder demands.
She has already taken steps, including the withdrawal from the North Sea due to unfavorable fiscal regime changes, and the sale of US biogas business Archaea for $4 billion, a decision made under the previous CEO, Bernard Looney. O'Neill has also stated that some green energy investments have not met the expected returns, indicating a shift away from the pivot to clean energy.
While discussing her plans, O'Neill delivered a clear message to the UK Prime Minister, emphasizing that 75% of the UK's energy currently comes from fossil fuels. She believes the nation should prioritize extracting oil and gas from its North Sea, as it generates jobs, tax revenue, and other positive impacts.
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