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Break up big oil, says former BP boss Lord Browne

THE TIMES

Break up big oil, says former BP boss Lord Browne

Emily Gosden, Energy Editor:

Oil majors should break themselves up into separate fossil fuel and low-carbon businesses to accelerate investment in the energy transition, the former boss of BP has said.

The comments by Lord Browne of Madingley will fuel debate over the strategies of Britain’s oil giants with Shell already facing calls from Third Point, the US activist investor, to break itself up.

Both Shell and BP have thus far argued that they are better off remaining as single companies so they can use the proceeds of their oil businesses to fund green investments.

Writing in Time magazine, Browne, who led BP from 1995 to 2007, said fossil fuel producers needed to do much more to play their role in the global transition to green energy…

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