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BP PLC Chief Executive Officer Murray Auchincloss aims to more than double the London-based oil major’s market value to $200 billion within five years, the Financial Times reported Thursday. Speaking to the FT, Auchincloss said BP would capitalise on ‘tremendous’ demand for oil and gas, predicting fossil fuels will remain in high demand beyond 2050. His comments follow BP’s decision on Wednesday to scale back its renewable energy ambitions, cutting annual spending on clean energy by 70% and refocusing on its core oil and gas business. ‘Oil and gas demand is going to be around for a long time,’ Auchincloss said, adding that the growing electricity needs of data centres would make natural gas a key energy source. The market value that BP is seeking was last seen before the 2010 Deepwater Horizon disaster, a deadly explosion and oil spill in the Gulf of Mexico that left the company with a $62.5 billion clean-up bill. The FT also reported that activist investor Elliott Investment Management LP remains dissatisfied with BP‘s strategy shift. The US hedge fund, which holds a roughly 5% stake, had previously called for greater asset sales and deeper cuts to renewable investments. BP shares were up 0.6% at 433.35 pence in London on Thursday afternoon, giving the company a market capitalisation of £69.77 billion. Over the last 12-month period, shares are down 7.1%. Copyright 2025 Alliance News Ltd. All Rights reserved.
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