BP expects its oil and gas production to fall by at least 1 million b/d 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/year by 2030 as part of plans to become a “net-zero” emitter. The move will see BP’s upstream oil and gas production fall from 2.6 million boe/d in 2019 to around 1.5 million boe/d while its refining throughput is expected to fall from 1.7 million b/d in 2019 to around 1.2 million b/d. “BP has […]