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BP CEO wants more than twice the market value of Oil Major within five years to 200 billion dollars, the level he achieved before the DEPWatter Horizon 2010 disaster.

Murray Ocenklos told the Financial Times BP The “huge” demand for oil and gas will benefit after giving up a plan to re -invent itself as a green energy company.

“At the end of the contract, it would be a good idea to return to where we were before Macondo,” said Ochinkens, referring to the name of the oil well that exploded, causing one of the worst spills in all ages and leaving BP with a cleaning bill of $ 62.5 billion.

It spoke a day after BP, whose current market value is less than 70 billion pounds (89 billion dollars), and reduced its annual spending on renewable energy sources by 70 percent and Back To its basic work of oil and gas.

The plan, which has received a lukewarm reception from the market, is a recognition by BP that energy transition is moving more slowly than expected.

“The demand for oil and gas will be present for a long time. When asked about the shape of BP after 2050.” There are still huge amounts of demand for this. ”

He said that the increasing electricity requirements from the centralization of data will make gas, in particular, the favorite fuel. He said: “The challenge is how to play these things as much as you can,” adding that BP was already capturing carbon emissions.

while Auchincloss All the goals of renewable energy sources have dropped and wanted to transport wind and solar arms from BP from the company’s public budget, and said this will remain “very large”.

BP was criticized for very slowly to implement its strategy, but Auchincloss said he did not regret his first year as a permanent executive president. He said: “Nothing comes to the top of the mind.”

“Do not announce a strategy change until you change it,” he said, adding that if he declares such a bold axis before laying any foundations, the market will not believe it.

BP was under pressure to improve its performance, especially after its appearance earlier this month, which was the active investor Elliot Hessa was built near 5 percent In the company and he was paying for change.

A person familiar with Elliot’s thinking on Thursday said that the company’s plans did not go enough, after he previously called for large abstracts and discounts in spending on renewable energy. Bloomberg was first reported that the hedge fund was not satisfied with the new strategy.

Auchincloss refused to comment on whether he had any interaction with his New York -based hedge box.

Auchincloss has acknowledged that BP will suffer from some short -term financial pain because it re -fills the oil and gas projects pipeline after years of reducing its portfolio. But he said he would focus on promoting the company for American investors and said that the majority of BP growth would come from the United States and the Middle East.

“We are more American than many American companies,” he said.

He said: “I really focus on American investors and explained to them how attractive us regarding their local opportunities in the states,” adding that the administration team will speak to more than a third of BP shareholders in promotional offers in the coming weeks.

However, he said that the transfer of the company’s list to the United States was “not on the agenda.”

Auchincloss also defended BP against criticism as the lowest valuable, as an oil and gas company, than its peers such as Exxonmobil and Chevron, which has $ 481 billion market heads and $ 279 billion, respectively.

He said: “Our size is smaller, but the quality of our origins is exceptionally high.”

“The source is the global level completely and it is the envy of other companies. We have a very good integrated position, enables trading. American companies do not have trading. They liked it. We compete face to face with Shell, whose size is twice our size [by market capitalisation]”