BP to cut oil and gas production by 40% as it sets out road to net-zero

BP boss Bernard Looney said the business will increase the amount it invests in low-carbon projects tenfold by 2030 to around $5bn.

BP is to cut the amount of oil and gas it produces by 40% by the end of the decade, the energy giant announced on Tuesday as it fleshed out plans to become a “net-zero” company by 2050.

Boss Bernard Looney said the business will increase the amount it invests in low-carbon projects tenfold by 2030 to around $5bn.