BP imposes companywide hiring freeze, sources say
BP pauses new large renewables investments
CEO eyes investments and acquisitions in oil and gas

LONDON, June 27 Reuters BP39;s new CEO Murray Auchincloss has imposed a hiring freeze and paused new offshore wind projects as he places a renewed emphasis on oil and gas amid investor discontent over its energy transition strategy, sources at the company said.

The moves, which have not previously been reported, are part of a decision by Auchincloss to slow down investments in big budget, lowcarbon projects, particularly in offshore wind, that are not expected to generate cash for years, said several sources at BP who declined to be named.

They mark a stark reversal from the direction the CEO39;s predecessor Bernard Looney took to rapidly move away from fossil fuels. This has weighed on BP39;s shares as returns from renewables shrank, while profits from oil and gas soared in the wake of the COVID19 pandemic and Russia39;s invasion of Ukraine.

BP has reassigned dozens of people tasked with identifying new renewables opportunities to projects already underway such as offshore wind in Britain and Germany, three sources said.

Auchincloss and Chief Financial Officer Kate Thomson have prioritised investing in and even acquiring new oil and gas assets, particularly in the Gulf of Mexico and in the U.S. onshore shale basins, where BP already has large operations, company sources briefed on the matter said.

BP will also consider…