BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.

British oil major BP on Wednesday announced plans to increase annual oil and gas investment to $10 billion as part of a fundamental strategic reset.

Oil and gas giant BP has again slashed its renewable energy investment and announced more funding for greater fossil fuel production. In a further row back of climate targets the company has said renewable energy investment will fall by $5bn (£3.95bn) a year to just $1bn to $2bn (£790m to £1.58bn).

BP said on Wednesday it would increase annual oil and gas investment to $10 billion, returning the focus to fossil fuels, as part of CEO Murray Auchincloss' efforts to boost returns and improve financial performance.

The British oil major committed to spending more on oil and gas exploration and production, and to selling $20 billion of under-performing assets in a major strategic overhaul.

BP is set to announce at the capital markets day that it is scaling back its 2030 renewables goal to 50GW instead of a 20-fold increase.

Plans due to be published by the European Commission on Wednesday could shave 45 billion euros ($47.3 billion) off the EU's fossil fuel import bill this year, according to the EU executive's analysis.