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BP To Increase Exploration Activity with 15 Potential Projects After 2025

OIL

BP is increasing oil exploration and drilling activity in an attempt to halt a decline oil and gas output after a recent focus on a shift to renewables. The company is trying to balance a cut in carbon emissions with strong profits from oil and gas sales.

  • BP on Monday said it has started drilling the Ephesus wildcat oil well in the Orphan basin off the eastern coast of Canada. The basin may hold up to 5bn boe.
  • The company is considering developing 15 new oil and gas projects around the world after 2025. It has revived plans to develop the Kaskida project in the Gulf of Mexico with final investment decision by end of 2024. Kaskida could be expected to start production by 2030.
  • Earlier this year BP revised plans to cut its oil and gas output targeting a reduction of 25% by the end of the decade compared to previous plans for a 40% cut.

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