BP's 2030 plan sees 40% drop in fossil output, $5 bln/yr low carbon budget

LONDON, Aug 4 (Reuters) - Energy group BP said it would increase its low-carbon spending by 2030 to $5 billion a year and boost its renewable power generation to 50 gigawatts, while shrinking its oil and gas production by 40% compared with 2019.

The portfolio it plans to build would include renewables, bioenergy and early positions in hydrogen and carbon capture and storage technology, it said.

BP's oil and gas production is expected to shrink by at least one million barrels of oil equivalent a day, or 40%, from 2019 levels by 2030 BP said, adding it would stop exploring for oil and gas in new countries.

BP on Tuesday cut its dividend for the first time in a decade after reporting a record $6.7 billion loss in the second quarter as the coronavirus crisis depleted energy demand. [L8N2F617Y} (Reporting by Shadia Nasralla; editing by Barbara Lewis)