BP’s oil and gas output is expected to decline “gradually over time” as it pursues a goal of becoming carbon neutral in its business overall and in the carbon content of its production, new CEO Bernard Looney said Wednesday. Receive daily email alerts, subscriber notes & personalize your experience. Register Now In a presentation in London a week after taking office, Looney said: “We will increasingly focus our investments on the highest quality barrels and drive returns and cash flow, not production volumes…And with that, you can expect oil and gas production to decline gradually over time.” “Does that mean we’ll be producing and refining hydrocarbons in 2050? Yes, very likely. Does that mean we’ll be producing and refining less of them in 2050? Yes, almost certainly,” Looney said. Looney said BP’s aims was to “reimagine energy,” as pressure builds on the company and industry generally to […]