NEWS
BP is facing pressure over its investments in energy transition
BP plc has received recommendations from Bluebell Capital Partners, a London-based hedge fund, to refocus on oil and gas production, while reducing its spending on energy transition. BP's plans to cut oil and gas production by 25% by the end of the decade (compared with 2019) were criticized by Bluebell.
Bluebell believes that BP's shift from fossil fuels to renewables is a misguided strategy, and this has contributed to the fall in BP's share value. According to Bluebell, BP's stock is undervalued by at least 50%, largely due to the reduction in fossil fuel production and diversification into areas with lower potential returns.
The hedge fund suggested that BP should increase production to 2.5 million barrels of oil equivalent per day by 2030, up from the current target of 2 million barrels per day. Bluebell also called on BP to reduce its planned $28 billion investment in bioenergy, hydrogen, renewables and power through 2030, and proposed a reorganization of the company's board.
In response, BP said it would maintain its energy transition strategy while continuing to invest in oil and gas. The company plans to invest between $14 and $18 billion annually until 2030, with the majority allocated to oil and gas. A BP spokesman said the company takes shareholder views into account and is open to discussing its overall strategy.
In conclusion, Bluebell urged BP to reconsider its strategy of transition to cleaner energy, calling it unrealistic and flawed.
-
ANALYSIS11 month ago
The 3 African countries richest in natural resources
-
FOCUS ONA1 an ago
The 10 largest oil refineries in Africa
-
NEWS8 month ago
Top 10 des pays africains producteur de l’or : Mali 2-eme, Burkina Faso 3-eme
-
NEWS2 ans ago
Ranking of oil producers: Here are the Top 10 African countries.
-
FOCUS ONA8 month ago
Top 10 oil producers in Africa in 2023
-
NEWS1 an ago
Top 20 oil producing countries in 2022
-
NEWS5 month ago
Africa's 10 largest natural gas production fields.
-
NEWS7 month ago
Ivory Coast: Eni to deploy a cylindrical FPSO and a converted FSO on the Baleine oil field