BP has announced it will cut its renewable energy investments and instead focus on increasing oil and gas production.

The energy giant revealed the shift in strategy on Wednesday following pressure from some investors unhappy its profits and share price have been much lower than its rivals.

BP said it would increase its investments in oil and gas by about 20% to $10bn (£7.9bn) a year, while decreasing previously planned renewables funding by more than $5bn (£3.9bn).

The move comes as rivals Shell and Norwegian company Equinor have also scaled back plans to invest in green energy and US President Donald Trump’s “drill baby drill” comments have encouraged investment in fossil fuels.

Murray Auchincloss, BP’s chief executive, said the company had “fundamentally reset” its strategy to focus on boosting returns for shareholders.

He added the energy giant would be “very selective” of investment in businesses working on the energy transition to renewables going forward, reducing funding to between $1.5bn and $2bn per year.

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The environmental group Greenpeace UK has warned BP could expect “pushback and challenge at every turn if it doubles down on fossil fuels - not just from green campaigners but from its own shareholders”.

Senior climate adviser Charlie Kronick said: “Government policies will also need to prioritise renewable power, and as extreme weather puts pressure on insurance models - policymakers will be looking to fossil fuel profits as a way to fund extreme weather recovery. BP might want to seriously put the brakes on this U-turn.”

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It is over 20 years since former chief executive Lord John Browne said BP could stand for “Beyond Petroleum” as he launched the company’s first tentative moves away from oil and gas.

Today’s strategy shift could be dubbed “Back to Petroleum” - to the delight of some shareholders and to the dismay of others.