BP is raising investment and betting its future on oil over gas, as the slimmed-down group fights to recover from the oil spill in the Gulf of Mexico and Russian rows that have hurt both its reputation and its share price.
In a strategy update, it told analysts about plans to raise capital spending, excluding acquisitions, to between $24 billion (£15bn) and $27bn a year in the years 2014 to 2020 from an estimated $22bn in 2012 and $19.1bn in 2011.
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