BP halts offshore wind projects, renews focus on oil and gas as demand soars

While many global energy companies push toward renewables, BP is slowing down its green energy efforts and reinvigorating its focus on oil and gas. Under pressure from investors, the oil giant's new CEO Marie Auchincloss announced a pause on all new offshore wind projects and a company wide hiring freeze as it renews its emphasis on fossil fuels. Stockholders were reportedly upset with the company move to green energy. Shares from renewables have fallen while profits from oil and gas have soared, with increased global demand driven in part by Russia's war in Ukraine and pandemic recovery. The market leading BP to invest in new oil and gas assets in the Gulf of Mexico and US. Dozens of employees have been reassigned and unspecified job cuts in renewables are reportedly on the table. BP said it's still considering investing in low carbon business and biofuel's if it generates returns quickly. The decision marks a major reversal from Aachen Clause's predecessor, Bernard Looney, who planned to rapidly move away from fossil fuels. Auchincloss took over in January, months after Looney resigned for failing to reveal relationships with employees. In May, Auchincloss announced a $2 billion cost saving plan by the end of 2026. BP said the new CEO introduced 6 priorities to deliver as a simpler, more focused and higher value company. Pressure on Auchincloss is growing as BP shares have underperformed against rivals in recent months. For more stories on energy, download the Stray Arrow News app and sign up for news updates.