BP Accelerates Restructuring, Refocuses on Core Oil and Gas Business

BP has announced a major organizational restructuring as the company continues to shift its focus back toward its core oil and gas operations. Under the new structure, effective July 1, BP will operate through two main divisions: upstream and downstream. Gordon Birrell will lead the upstream segment, overseeing oil and gas exploration, development, and production, while Richard Harding will serve as interim head of the downstream business, including refining, retail fuels, lubricants, biofuels, aviation fuels, and hydrogen.

The move marks a significant departure from the low-carbon transition strategy launched in 2020 under former CEO Bernard Looney. Renewable energy businesses such as solar and offshore wind will no longer operate as standalone strategic units and will instead be managed within BP’s technology organization.

The restructuring comes as BP faces pressure to improve shareholder returns, reduce debt, streamline operations, and strengthen financial performance. Analysts believe the new structure provides clearer accountability and aligns BP more closely with other major international oil companies, though successful execution will remain critical.