BP Oil and Gas Output to Fall 40% by 2030

BP expects its oil and gas production to fall by at least 1 million bpd of oil equivalent or 40% over the next decade, as it transitions to a lower carbon energy company, the company said.
Under a new strategy announced August 4, BP said it will boost investment on low carbon projects such as renewables, bioenergy by 10-fold to around $5 billion per year by 2030 as part of plans to become a "net zero" emitter, S&P Global reported.
The move will see BP's upstream oil and gas production fall from 2.6 million bpd in 2019 to around 1.5 million bpd while its refining throughput is expected to fall from 1.7 million bpd in 2019 to around 1.2 million bpd.
"BP has been an international oil company for over a century - defined by two core commodities produced by two core businesses. Now we are pivoting to become an integrated energy company - from IOC to IEC," CEO Bernard Looney said in a statement.
As a result, BP said it expects its emissions from its operations and those associated with the carbon in its upstream oil and gas production to be lower by 30-35% and 35-40%, respectively.
BP cut its dividend on Tuesday for the first time in a decade after reporting a record $6.7 billion loss in the second quarter as the coronavirus crisis hammered energy demand.