Energy
Bluebell Asks BP to Bolster Oil and Gas, Cut Renewables Bets
- Hedge fund says BP’s shift from fossil fuels is misguided
- BP executive says transition strategy remains, to be flexible
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Hedge fund Bluebell Capital Partners called on BP Plc to bolster investments into oil and gas and cut spending on clean energy, saying the company’s shift away from fossil fuels is misguided and weighing on the share price.
BP should spend $1.5 billion a year more through 2030 on oil and gas production and halt any further investment in renewables and power, the London-based investment firm said in an October letter to Chairman Helge Lund that was seen by Bloomberg. It reiterated its demands in another letter on Jan. 26.