New boss of BP plotting major shake-up of energy giant

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New boss of BP plotting major shake-up of energy giant that will see it introduce tough new climate goals

By Daily Mail City & Finance Reporter

Published: | Updated:

The new boss of BP is plotting a major shake-up of the energy giant that will see it introduce tough new climate goals.

Incoming chief executive Bernard Looney, who takes over from Bob Dudley on February 5, is also mulling a restructuring to cut costs.

Sign of the times: Incoming chief executive Bernard Looney is also mulling a restructuring to cut costs  

This could include merging parts of the division that oversees oil and gas production with other activities, such as refining.

And it may sell its most carbon-intensive businesses such as oil and gas fields in Canada and Angola. Looney could expand carbon reduction goals to include emissions from the products it sells, as well as emissions from its operations.

Green campaigners have been urging energy companies to include these figures in their carbon targets, as it is a more thorough way of measuring their impact on the environment.

The moves could put BP ahead of rivals such as Royal Dutch Shell. BP declined to comment.

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