BP will need to commit to significant investments in the renewable energy and LNG space in order to meet its 2030 target of 50GW in renewables capacity and 30MPTA in LNG, says GlobalData.
Capital available for investment activity will be challenged as market weakness dents cashflow from BP’s core hydrocarbons business, the data and analytics company continued.
Daniel Rogers, Oil and Gas Analyst at GlobalData, commented, “BP has proven its willingness to invest big outside its core business, but will continue to rely on hydrocarbons as the cash cow for future investments. The current market fundamentals reduce the profitability of BP’s core business, potentially shrinking its pool of capital available for future low-carbon acquisitions.”
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