From the Houston Chronicle:
”BP is shifting from crude oil toward cleaner-burning gas projects in developing parts of the world as it seeks to transform itself as a result of the 2010 Deepwater Horizon tragedy, the subsequent oil price bust and the world’s increasing focus on climate change. BP historically held a portfolio that was 60 percent oil, but that is expected to shift to 60 percent natural gas by 2020, company officials said.”
And, on oil producing projects:
”In order to justify new projects, BP needs to show it can make 15 percent returns with the global benchmark for oil from the North Sea priced at $50 a barrel.”
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