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 company also said it was reviewing its lubricants business, Castrol, and targeting $20 billion in divestments by 2027.

The oil major said investment in transition businesses is planned for $1.5 billion to $2 billion per year, more than $5 billion lower than its previous expectation.

(Reporting by Arunima Kumar in Bengaluru; Editing by Sriraj Kalluvila)