What means net zero in 2050 for BP’s upstream business?

Last week, BP followed up its Energy Outlook with a ‘BP Week’ of strategy presentations intended to flesh out its ‘Net Zero in 2050’ ambitions.

With a key ambition, as stated by new CEO Bernard Looney, to be ‘…net zero on an absolute basis across the carbon content of our upstream oil and gas production by 2050 or sooner’ , BP are one of the most radical IOCs when it comes to adapting to the Energy Transition.

BP’s E&P business produced 3.8 million boe/d in 2019, so investors have been waiting for detailed plans behind this ambition. Westwood’s Keith Myers looks at what BP revealed last week and asks, is it too far too fast?

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Original Source: https://ocean-energyresources.com/2020/10/06/what-means-net-zero-in-2050-for-bps-upstream-business/