European Energy Companies Make a Comeback as Major Players in Oil and Gas

Forex - Approximately five years ago, BP undertook an ambitious initiative to transform itself from an oil company to a business focused on low-carbon energy. Now, it is attempting to return to its roots as a major oil and gas player. Competitors like Shell and Equinor are also retracting their energy transition plans put forth at the beginning of this decade. BP CEO Murray Auchincloss plans to invest billions of dollars in new oil and gas developments, including in the U.S. Gulf Coast and the Middle East, as part of an effort to improve performance and increase returns. Additionally, BP has slowed down its low-carbon operations, halted 18 potential hydrogen projects in early stages, and announced plans to sell its wind and solar operations.