Home » Industries » BP looks to North Sea, US shale for near-term oil and gas boost
BP looks to North Sea, US shale for near-term oil and gas boost
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BP is targeting the North Sea and U.S. shale basins to boost oil and gas supplies in the short term in response to the global energy crisis, its head of oil and gas operations told Reuters.
BP aims to cut its oil and gas output by 40%, or 1 million barrels of oil equivalent per day (boed), between 2019 and 2030 as part of its strategy to slash greenhouse gas emissions and build up a large renewables business.
But the company has boosted its spending on oil and gas in 2022 by $500 million in response to soaring energy prices and a supply crunch following years of under investment in the sector and in the wake of disruption to Russian supplies of gas to Europe.