BP signs $25bn deal to redevelop Iraq’s oil and gasfields as it slashes investments in renewable energy

BP is widely expected to scrap net zero plans at an upcoming strategy meeting (Nicholas Ansell/PA) - (PA Wire)

BP has announced it will slash its renewable energy investments to focus on increasing oil and gas production.

As part of what CEO Murray Auchincloss is calling a “fundamental reset”, BP has signed a deal worth $25bn (£19.8bn) with the government of Iraq to work on multiple oil and gasfields in the country.