BP Revised Volumes of Oil and Gas Production Cuts
British BP has decided to increase investment in oil and gas projects and, as a result, reduce oil and gas production less than in 2019 – by 25% instead of 40%, planned earlier, by 2030, the company says.
“BP expects oil and gas production to be around 2.3 million barrels of oil equivalent per day in 2025, and about 2 million barrels per day in 2030. This production in 2030 will be about 25% lower, than BP’s production in 2019, excluding Rosneft’s production, compared to BP’s previous expectations of a decline of around 40%.
The company plans to achieve such plans as a result of additional investments, which, in particular, until 2025 will be directed to shorter-term and quickly payback projects that can be implemented quickly and with minimal new infrastructure. BP also plans to keep some oil and gas assets longer than previously thought.
BP also intends to increase investment in sustainable high-quality oil and gas projects, again averaging up to $1 billion a year, or up to $8 billion cumulatively by 2030. These The investment will help meet immediate demand for reliable oil and gas supplies, generating additional revenue that could further strengthen BP and support investment during the transition,” the company said.
BP also aims to reduce carbon emissions from oil and gas production by 20-30% by 2030 compared to a 2019 baseline, below the previous target of 35-40%. However, the company intends to invest more in the “energy transition”, in particular in bioenergy, infrastructure convenience for electric vehicles, hydrogen and renewable energy sources.
On the eve of the head of Rosneft, in which BP owns a stake of almost 20%, Igor Sechin said that on Tuesday the British company – one of the leaders of the “green agenda” – could announce a return to the traditional production strategy and reduce green investments, as they generate losses in the current situation.
