“BP has announced it will cut oil and gas production 40 percent over the next decade.
The announcement follows the oil giant’s reported $16.8 billion quarterly loss. Fossil fuel consumption has fallen drastically amid the COVID-19 pandemic.
The company also stated that it would discontinue oil and gas exploration in new countries and amp up investments in low carbon energy. BP will increase its investments in low carbon energy 10-fold, investing nearly $5 billion each year in renewable energy, bioenergy, hydrogen, and carbon capture technology…”