LONDON, January 22 (WNM/Reuters/Ron Bousso) - BP’s incoming CEO plans to expand the company's climate targets and is considering overhauling the company’s structure in one of the biggest shake-ups in its 111-year history.

BP’s incoming Chief Executive Bernard Looney plans to adopt broader carbon emissions reduction goals that will likely include emissions from fuels and products sold to customers rather than just the far lower emissions from BP's own operations, according to four sources with knowledge of internal discussions with the new CEO.

The aim is to catch up with, and possibly outdo, rivals such as Royal Dutch Shell and Repsol as investor pressure over climate change mounts, said the sources to Reuters, who declined to be named as the plans have not yet been made public.

The new targets will likely encompass, for the first time, emissions from the fuels and products sold, known as Scope 3, which account for nearly 90% of BP's total emissions, according to the sources.

BP's current targets are to reduce emissions from its own operations to net zero by 2025, equivalent to cutting 3.5 million tonnes of CO2 compared with 2016. It also agreed in a resolution adopted by shareholders to align its business with the 2015 Paris climate agreement goals.

It is not clear what reduction targets the company could set for its Scope 3 emissions. The goals are however expected to be detailed at a strategy day later this year, the sources said.

More stringent climate targets could lead to BP selling its most carbon-intensive businesses such as oil and gas fields in Angola and Canada, they added.

As part of the climate push, Looney is also looking at a broad reorganisation of the company aimed at cutting costs, with one idea being explored to merge parts of the upstream oil and gas production division with refining and petrochemical operations, said five sources.

The new CEO and his team of close advisers have held an intensive series of closed-door meetings in recent weeks to outline the new strategy, according to three of the sources. They said he would outline his "ambitions" for the company in a speech on Feb. 12, a week after he takes over from Bob Dudley.

It is unclear if Looney has decided to adopt any structural changes at this stage. A BP spokesman declined to comment.