BP: Former CRH CEO Albert Manifold takes over chairmanship of the board of directors

BP is refocusing more on its core business and plans to invest around $10 billion annually in its oil and gas operations. Oil production is expected to increase to 2.3 to 2.5 million barrels of crude oil equivalent per day by 2030. Meanwhile, annual investments in renewable energy are expected to decline significantly to $1.5 to $2 billion.

Wind power business goes to LS Power

The company also plans to sell assets worth around $20 billion by the end of 2027 to reduce its debt. Just last Friday, the company announced it would sell its onshore wind power business to the US grid operator LS Power. The company did not provide details.