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LONDON, Feb 7 (Reuters) - BP reiterated on Tuesday plans
to equally divide its spending by 2030 between its oil and gas
and energy transition businesses, increasing the total budget to
up to $18 billion from a previously guided upper range of $16
billion.
It also said it would produce more oil and gas for longer
than previously guided, foreseeing a reduction in its
hydrocarbon output of around 25% by 2030 compared with 2019,
down from a previous forecast of a 40% reduction.
"We need continuing near-term investment into today's energy
system - which depends on oil and gas - to meet today's demands
and to make sure the transition is an orderly one," Chief
Executive Bernard Looney said.
BP's transition businesses include bioenergy, convenience
retail shops, electric vehicle charging, renewables and
hydrogen, taking up around 30% of the budget currently compared
with 3% in 2019, a spokesperson said.
(Reporting by Shadia Nasralla; editing by Jason Neely, Kirsten
Donovan)
Reuters Messaging: shadia.nasralla.reuters.com@reuters.net))
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