BP cuts London hydrogen team, halts 18 projects
Shell scales back lowcarbon push
Equinor reviews renewables operations, cuts projects

LONDON, Nov 18 Reuters Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on lowcarbon power.

The British company is now trying to return to its roots as a big oil and gas player with a growth story to match rivals, revive its share price and allay investor concerns over future profits.

Rivals Shell and Norways statecontrolled Equinor are also scaling back energy transition plans set out earlier this decade.

Their change of direction reflects two major developments the energy shock from Russias invasion of Ukraine and a drop in profitability for many renewables projects, particularly offshore wind, due to spiralling costs, supply chain issues and technical problems.

BP CEO Murray Auchincloss plans to plough billions into new oil and gas developments, including in the U.S. Gulf Coast and the Middle East, as part of his drive to improve performance and boost returns.

BP has also slowed down lowcarbon operations, halting 18 earlystage potential hydrogen projects and announcing plans to sell wind and solar operations. It has recently cut its hydrogen team in London by more than half to 40 staff, company sources told Reuters.

A BP spokesperson declined to comment on the layoffs.

Shell CEO Wael Sawan has vowed to take a ruthless approach to improve its performance…