lightsource bp

Oil and gas heavyweight BP has reported its Q1 earnings, which fell short of the forecasted $2.9 billion (£2.3 billion), coming to $2.7 billion.

Oil and gas giant BP has recorded a profit of $13.8 billion (£11 billion) across 2023 as its renewable pipeline reaches 58.3GW.

BP has detailed in a strategy update that the oil and gas giant will invest up to £54 billion ($65 billion) in its transition growth engines (TGEs) but has reduced its emissions reduction target by 2030 due to continued investment in oil and gas.

​bp’s profits have surged to £6.9 billion ($8.45 billion) for Q2 2022, its highest in 14 years, amidst the continued energy crisis.

BP has acquired Open Energi, with ambitions of scaling up globally and continuing to build on its commercial growth.

​BP has announced plans to increase its renewables capacity to 50GW, as it increases investment tenfold.

Global oil and gas major BP is to “fundamentally re-organise” its business, establishing a new low carbon power unit and doubling down on clean investments in a bid to become net zero by 2050.

​Lightsource BP has announced Benjamin Kott as the new CEO for its in-house digital innovations arm, Lightsource Labs.

BP has set its sights on further growth in solar PV by increasing its stake in developer Lightsource BP.