Trending News: Most Gulf Coast Refineries Unaffected by Tropical Storm BerthaCG Power Reports Record Q1 FY27 Revenue and Profit as Order Book Surges 45% to INR 17,333 CroreUS Energy Firms Cut Rigs for First Time in Six Weeks, Says Baker HughesOil Falls on Report China Pushing for End US-Iran WarPERSPECTIVE: Wind and Solar Have an Important Role – But They Are Energy “Diversification”, Not Energy “Transition”Devon Energy Mulls $4 Billion Sale of Eagle Ford, Powder River Assets, Bloomberg News ReportsLONGi Partners with Innoptus and Delft Solar Teams for 2026 American Solar ChallengeAdani Power Reports Record Q1 FY27 EBITDA as Revenue Rises 28%, Advances 45 GW Capacity ExpansionActis Secures IFC, Proparco Investment for Ulug Enerji Grid UpgradesGlobal LNG Giants Target Cambodia as New Energy MarketU.S. Prioritizes Small Nuclear Reactors Across Southeast AsiaChina Rushes to Secure Russian Oil as Middle East Supply Risks EscalateSaudi Crude Tanker Goes Dark to Slip Through Bab el-MandebPakistan Transporters Threaten Nationwide Strike Over Fuel Price HikesHormuz Tanker Crossings Sink to Lowest Level Since May as War Risk SpikesADNOC Issues Seventh Crude Tender Since June Despite Hormuz, Red Sea RisksIndia Scours Angola, Venezuela for Crude as Mideast Supply Dries UpAnalysts Map 4 Potential USA-Iran Conflict ScenariosTrump Pledge on Data Center Power Supplies Draws SkepticismOil Retreats from Above $100, but Set for Weekly Rise on Middle East EscalationFuel Swings Turn US Airline Earnings Forecasts Into Moving TargetsTrump Vows to Punish Iran and Houthis for Attacks in Red SeaTop US Oilfield Services Firm SLB Beats Quarterly Profit EstimatesWEH broadens role with FluidTech rebrandAnalysis: How Mozambique plans to benefit from $50bn LNG pipelineIndian Green Energy Stocks Trade Mixed Amid Weak Broader Market (24 July 2026)Jordan biogas sector raises standards and capacityAukera Energy Secures €48.5 Million IFC Financing For Romania’s Largest Battery Energy Storage Expansionib vogt Begins Commercial Operations at 99 MWp Tantangan Solar Power Plant in the PhilippinesLNG Importers Seek Lower Qatar and UAE Prices as War Upends DealsIndia’s Fuel Exports Set to Soar in July as Refining Margins JumpIndia Targets Five Small Modular Reactors by 2033Oil Tops $100 as Supply Crisis DeepensTrump Threatens Iran After Houthi Tanker AttacksCS PowerTech Opens First U.S. HJT Solar Cell Manufacturing Facility in Indiana, Targeting Over 6 GWp Annual CapacityKumba Signs 63 MW Solar Power Offtake Agreement With Envusa Energy For Sishen Mine In South AfricaEvero bioenergy plant moves to join HyNet carbon capture networkUS imposes tariffs on 60 trading partnersOEUK Hails ‘Constructive Meeting’ with New Energy SecWorley wins EPC contract for UK low carbon power projectTrump Tells Axios he is Considering Restarting Major Combat Operations in IranOil Settles Over $100 as Houthi Attacks Intensify Middle East Supply RisksUS Energy Shares Gain as Houthi Tanker Attacks Push Brent Crude to $100Oil Executives Rush to Complete Contract Migration in Venezuela, Sources SayUS Energy Officials Consider Power Shift in PJM Electric GridRussia stresses long-term nature of nuclear cooperation with ChinaApproval for VVER fuel production in GermanyViewpoint: IAEA’s non-proliferation safeguards and industry’s roleIndia’s Solar Manufacturing Push Backfires as Panel Factories Shut DownEU Concedes to Greek LNG Demand in Russian Sanctions RowTotalEnergies Profit Soars 68% as Oil Price Surge Lifts EarningsChinese Tankers Push Through Bab el-Mandeb Despite Houthi Blockade ThreatsU.S. Refinery Utilization Hits 96.2% as Fuel Markets Tighten WorldwideOil Rockets Towards $100US Says it Reaches Nuclear Power Deal With Saudi ArabiaTrump Administration Considers Putting Nuclear Power Plants in US WatersTRUMP: US Will Attack Iranian Bridge, Power Plant for Every Ship Targeted in HormuzOil Prices Rise for a Fifth Day on Supply Concerns Amid Chokepoint ThreatsSoccer World Cup Helped Lift US Jet Fuel Demand to Record Last Week, EIA Data ShowsMatador to Buy Paloma Permian for $1.28 Billion, Bolsters Delaware Basin PresenceAir Liquide invests $150m in Idaho semiconductor gas plantPodcast | Decoding deals, diligence and Donald (Trump)DP World to develop two UAE ports to bolster supply chainGreen Energy Shares Witness Sharp Volatility Amid Weak Market Sentiment (23 July 2026)EU to investigate proposed Saipem and Subsea7 mergerIndian Energy Exchange Reports 11.7% Growth in Q1 FY27 Consolidated Profit as Electricity Volumes RiseZecon Awards RM328 Million EPCC Contract For 100 MW Agrivoltaic Solar Project In SarawakUK company to assess Europe’s natural hydrogen potentialEU LNG exemption could preserve Russian shipping route, reports suggestIberdrola Boosts Renewable Energy and Grid Investments to €7 Billion as H1 Adjusted Net Profit Rises 8%MIGA Backs 100 MW Solar Project In Tunisia With €13.05 Million GuaranteeIran War Escalation Threatens Global Fuel Supply RecoveryEurope Heads Into Winter With Its Weakest Gas Cushion In 15 YearsGE Vernova Raises Outlook As AI Power Boom Masks Wind WeaknessEquinor CEO: Europe May Miss Winter Gas Storage GoalBrent Breaks $96 as U.S. Strikes Iran for 12th Consecutive NightTwo Saudi Oil Tankers Targeted as Houthi Blockade Disrupts Red Sea ShippingWaga Energy secures €128m loan to spur biomethane growthZero Point Cryogenics expands into US with Illinois quantum hubMCi Carbon completes low-carbon cement trialHouthis Claim Oil Tanker Attacks in Red SeaTrump Set to Expand Power Cost Pledge on Data CentersSouthern Co Unit Signs 25-Year Power Deal With OpenAIAMERICAN ENERGY SNAPSHOT: A Gas-Price Lever Washington Already HoldsSaudi Arabia, USA sign nuclear agreementsIn pictures: Demolition of Stade reactor building progressesNuclearelectrica’s proposal to review SMR options rejected by ministryEDF extends life of UK’s Heysham 1 and HartlepoolLandmark module installation at Lufeng 2Surging Oil Prices Push Japan’s Import Bill to an Unprecedented HighChina’s Oil Output Hits Record HighEquinor Profit Soars 93% as Oil and Gas Price Spike Fuels WindfallJapan’s Power Prices Soar to 3.5-Year HighOil Jumps Nearly 4% as Houthis Threaten Red Sea BlockadePakistan Scrambles for Oil Alternatives as Hormuz, Red Sea Risks MountOil Price Rise Comes Amid Dissipation of 1 Main AssumptionAir Liquide signs renewable oxygen deal with Indovinya for ethylene oxide productionUS War in Iran Has Cost $37.5 Billion So Far, Pentagon SaysOil Climbs Over 4% to Near Six-Week High as Conflict Threatens Key Oil Transit RoutesTrump Says U.S. Ready to Respond if Houthis Impose Red Sea Blockade
Sun. Jul 26th, 2026
Trending News: Most Gulf Coast Refineries Unaffected by Tropical Storm BerthaCG Power Reports Record Q1 FY27 Revenue and Profit as Order Book Surges 45% to INR 17,333 CroreUS Energy Firms Cut Rigs for First Time in Six Weeks, Says Baker HughesOil Falls on Report China Pushing for End US-Iran WarPERSPECTIVE: Wind and Solar Have an Important Role – But They Are Energy “Diversification”, Not Energy “Transition”Devon Energy Mulls $4 Billion Sale of Eagle Ford, Powder River Assets, Bloomberg News ReportsLONGi Partners with Innoptus and Delft Solar Teams for 2026 American Solar ChallengeAdani Power Reports Record Q1 FY27 EBITDA as Revenue Rises 28%, Advances 45 GW Capacity ExpansionActis Secures IFC, Proparco Investment for Ulug Enerji Grid UpgradesGlobal LNG Giants Target Cambodia as New Energy MarketU.S. Prioritizes Small Nuclear Reactors Across Southeast AsiaChina Rushes to Secure Russian Oil as Middle East Supply Risks EscalateSaudi Crude Tanker Goes Dark to Slip Through Bab el-MandebPakistan Transporters Threaten Nationwide Strike Over Fuel Price HikesHormuz Tanker Crossings Sink to Lowest Level Since May as War Risk SpikesADNOC Issues Seventh Crude Tender Since June Despite Hormuz, Red Sea RisksIndia Scours Angola, Venezuela for Crude as Mideast Supply Dries UpAnalysts Map 4 Potential USA-Iran Conflict ScenariosTrump Pledge on Data Center Power Supplies Draws SkepticismOil Retreats from Above $100, but Set for Weekly Rise on Middle East EscalationFuel Swings Turn US Airline Earnings Forecasts Into Moving TargetsTrump Vows to Punish Iran and Houthis for Attacks in Red SeaTop US Oilfield Services Firm SLB Beats Quarterly Profit EstimatesWEH broadens role with FluidTech rebrandAnalysis: How Mozambique plans to benefit from $50bn LNG pipelineIndian Green Energy Stocks Trade Mixed Amid Weak Broader Market (24 July 2026)Jordan biogas sector raises standards and capacityAukera Energy Secures €48.5 Million IFC Financing For Romania’s Largest Battery Energy Storage Expansionib vogt Begins Commercial Operations at 99 MWp Tantangan Solar Power Plant in the PhilippinesLNG Importers Seek Lower Qatar and UAE Prices as War Upends DealsIndia’s Fuel Exports Set to Soar in July as Refining Margins JumpIndia Targets Five Small Modular Reactors by 2033Oil Tops $100 as Supply Crisis DeepensTrump Threatens Iran After Houthi Tanker AttacksCS PowerTech Opens First U.S. HJT Solar Cell Manufacturing Facility in Indiana, Targeting Over 6 GWp Annual CapacityKumba Signs 63 MW Solar Power Offtake Agreement With Envusa Energy For Sishen Mine In South AfricaEvero bioenergy plant moves to join HyNet carbon capture networkUS imposes tariffs on 60 trading partnersOEUK Hails ‘Constructive Meeting’ with New Energy SecWorley wins EPC contract for UK low carbon power projectTrump Tells Axios he is Considering Restarting Major Combat Operations in IranOil Settles Over $100 as Houthi Attacks Intensify Middle East Supply RisksUS Energy Shares Gain as Houthi Tanker Attacks Push Brent Crude to $100Oil Executives Rush to Complete Contract Migration in Venezuela, Sources SayUS Energy Officials Consider Power Shift in PJM Electric GridRussia stresses long-term nature of nuclear cooperation with ChinaApproval for VVER fuel production in GermanyViewpoint: IAEA’s non-proliferation safeguards and industry’s roleIndia’s Solar Manufacturing Push Backfires as Panel Factories Shut DownEU Concedes to Greek LNG Demand in Russian Sanctions RowTotalEnergies Profit Soars 68% as Oil Price Surge Lifts EarningsChinese Tankers Push Through Bab el-Mandeb Despite Houthi Blockade ThreatsU.S. Refinery Utilization Hits 96.2% as Fuel Markets Tighten WorldwideOil Rockets Towards $100US Says it Reaches Nuclear Power Deal With Saudi ArabiaTrump Administration Considers Putting Nuclear Power Plants in US WatersTRUMP: US Will Attack Iranian Bridge, Power Plant for Every Ship Targeted in HormuzOil Prices Rise for a Fifth Day on Supply Concerns Amid Chokepoint ThreatsSoccer World Cup Helped Lift US Jet Fuel Demand to Record Last Week, EIA Data ShowsMatador to Buy Paloma Permian for $1.28 Billion, Bolsters Delaware Basin PresenceAir Liquide invests $150m in Idaho semiconductor gas plantPodcast | Decoding deals, diligence and Donald (Trump)DP World to develop two UAE ports to bolster supply chainGreen Energy Shares Witness Sharp Volatility Amid Weak Market Sentiment (23 July 2026)EU to investigate proposed Saipem and Subsea7 mergerIndian Energy Exchange Reports 11.7% Growth in Q1 FY27 Consolidated Profit as Electricity Volumes RiseZecon Awards RM328 Million EPCC Contract For 100 MW Agrivoltaic Solar Project In SarawakUK company to assess Europe’s natural hydrogen potentialEU LNG exemption could preserve Russian shipping route, reports suggestIberdrola Boosts Renewable Energy and Grid Investments to €7 Billion as H1 Adjusted Net Profit Rises 8%MIGA Backs 100 MW Solar Project In Tunisia With €13.05 Million GuaranteeIran War Escalation Threatens Global Fuel Supply RecoveryEurope Heads Into Winter With Its Weakest Gas Cushion In 15 YearsGE Vernova Raises Outlook As AI Power Boom Masks Wind WeaknessEquinor CEO: Europe May Miss Winter Gas Storage GoalBrent Breaks $96 as U.S. Strikes Iran for 12th Consecutive NightTwo Saudi Oil Tankers Targeted as Houthi Blockade Disrupts Red Sea ShippingWaga Energy secures €128m loan to spur biomethane growthZero Point Cryogenics expands into US with Illinois quantum hubMCi Carbon completes low-carbon cement trialHouthis Claim Oil Tanker Attacks in Red SeaTrump Set to Expand Power Cost Pledge on Data CentersSouthern Co Unit Signs 25-Year Power Deal With OpenAIAMERICAN ENERGY SNAPSHOT: A Gas-Price Lever Washington Already HoldsSaudi Arabia, USA sign nuclear agreementsIn pictures: Demolition of Stade reactor building progressesNuclearelectrica’s proposal to review SMR options rejected by ministryEDF extends life of UK’s Heysham 1 and HartlepoolLandmark module installation at Lufeng 2Surging Oil Prices Push Japan’s Import Bill to an Unprecedented HighChina’s Oil Output Hits Record HighEquinor Profit Soars 93% as Oil and Gas Price Spike Fuels WindfallJapan’s Power Prices Soar to 3.5-Year HighOil Jumps Nearly 4% as Houthis Threaten Red Sea BlockadePakistan Scrambles for Oil Alternatives as Hormuz, Red Sea Risks MountOil Price Rise Comes Amid Dissipation of 1 Main AssumptionAir Liquide signs renewable oxygen deal with Indovinya for ethylene oxide productionUS War in Iran Has Cost $37.5 Billion So Far, Pentagon SaysOil Climbs Over 4% to Near Six-Week High as Conflict Threatens Key Oil Transit RoutesTrump Says U.S. Ready to Respond if Houthis Impose Red Sea Blockade
Sun. Jul 26th, 2026

BP scales back energy transition spending as profits dip

  • Gas
  • February 26, 2025

BP is dramatically scaling back its energy transition plans, cutting investment in renewables while ramping up oil and gas spending after a 35% drop in annual profits to $8.9bn. The move reflects investor concerns over weak returns in low-carbon sectors, prompting BP to refocus on higher-margin fossil fuel projects.

The company will now allocate $10bn per year to upstream oil and gas projects, targeting production levels of 2.3 to 2.5 million barrels per day by 2030. In contrast, investment in biogas, biofuels, EV charging, and hydrogen/CCS will be reduced to $1.5bn to 2bn per year. This is more than $5bn below previous targets.

BP is also reviewing its Castrol lubricants business and may sell up to $20bn worth of assets by 2027, including stakes in renewables-focused Lightsource BP. It aims to cut annual capital expenditure to $13bn to 15bn and deliver $4bn to $5bn in structural cost reductions by the end of 2027.

CEO Murray Auchincloss said BP was now prioritising “highest-returning businesses” and improving financial efficiency.

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