BP has scrapped a previous target to reduce its oil and gas production by the end of the decade as the UK-based supermajor is pivoting back to its core hydrocarbons business to lift investor returns, Reuters reported on Monday, citing sources familiar with the plans. BP aims to pour new investments in oil and gas production and is set to increase its output in the U.S. Gulf of Mexico and the Middle East, according to Reuters’s sources. BP’s CEO Murray Auchincloss, who succeeded Bernard Looney, is set to unveil the company’s new…
