Energy giant BP has agreed a $25billion (£19.76billion) deal to redevelop Iraq's oil and gas fields as the firm is today expected to announce it is ramping up such investments and cutting back on renewable projects.
The industry colossus struck a deal with the Iraqi government to redevelop four significant oil and gas fields in the north of the country.
The Times reports the deal could see BP spend $25billion (£19.76billion) across the lifetime of the project.
It comes, the BBC reports, as BP is set to follow Shell and Equinor in rowing back on green energy following pressure from some investors over its dipping profits and share price.
Five years ago, BP set ambitious targets of slashing production of oil and gas by 40% by 2030, while investing heavily in renewables instead.
But in 2023, the industry giant revised its target, lowering it to a 25% cut in production.
And now, the firm seems set to abandon the goal completely, with boss Murray Auchincloss planning a "funadamental reset".
The sudden shift away from renewables and back to oil and gas is not something unanimously supported by investors.
Last week, a group of 48 institutional investors called for BP to allow shareholders to vote on any potential move away from its climate targets.