Bernard Looney, CEO, stated that BP will reduce crude oil production by 40% over the next 10 years and invest up to $5 billion/year in low carbon technologies. BP swore off exploration in new countries. The goal is to bring oil production down to ZERO by 2043. Well, so much for your long range career goals and retirement.
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Ever since Macondo, other oil majors have avoided partnering with BP, especially when BP is operator. High Risk, Frontier exploration is hard to do without partners. Instead Total, RDS, CVX and XOM are partnering with QP, CNOOC, Equinor, Petrobras, Petronas and other NOCs. Everyone has a partner and is on the dance floor, BP is the except BP. BP pulling back from international exploration hurt its relationships with other IOCs to the point where BP is not longer in their rolodex when it comes time to form an exploration JV.
Bp has a biofuels business in Brazil numb nuts...
You guys remember biofuels? Of course not. BP had it for a fleeting moment and sold it for loss. To be fair, BP had to look for quick cash to pay for the oil spill. Then BP sought to jettison long term research to focus on only short-term business goals to make it to the next quarter. Now they want to come back to green energy when all of the opportunities have fled. It will be interesting to see how Looney will deal with the outrage from shareholders when earnings go sour. Will he stick to his guns to still go with "green energy"? I guess we'll find out before too long.
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“Lol ... He won’t be brought down by the obviously poor business model he’s creating. His crash will be due to his “extracurricular” activities”
The expression “would shag a barbers floor” comes to mind.
BP have been quite open about the fact that oil demand is going to fall off a cliff in the 2040s, so why are people surprised when they announce that they’re going to sell some resources whilst they still have some value. I have no idea whether BP will succeed in the renewables business, but it certainly won’t survive if it doesn’t try.
This has always been the thing of which I'm most frustrated. New CEOs come in and implement plans that are aimed for the long term, and creates chaos for those who are there. He KNOWS he won't be around when the whole house of cards will fall. The rest of us are left to fix his problems. BP won't be able to make money selling green energy, no matter what he wishes it to be. I like new ideas, but not new ideas that have no chance of success.
This makes no sense, but at this point nothing should surprise us
Like what?
Lol ... He won’t be brought down by the obviously poor business model he’s creating. His crash will be due to his “extracurricular” activities
He won't be CEO long enough to make it to 2030.
So, he's proposing to cut off the one thing that has made money for this company to trade in renewable energy which has little chance of turning a profit. Is that the message? That's a message of failure and the ones remaining are set up for failure.