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BP To Raise Oil Investments In The US Amid Inflation

OIL

BP plans to expand investments in the Gulf of Mexico and Texas as inflation costs hit the industry and the government called on oil companies to expand supply, BP said.

  • BP aims to increase spending in its US onshore oil and gas business in Texas by 41% to $2.4bn in 2023.
  • The company also plans to raise its Gulf of Mexico investment to an average of $2.3bn/yr in 2023-2025, from $2bn/yr in the past five years.
  • Despite that boost, BP reduced its offshore production plans in the Gulf to around 350,000 boed in the mid-2020s from 400,000 boed previously planned, according to BP’s US Impact report.
  • BP’s Mad Dog 2 project is expected to start production in 2023, including its fifth US platform, Argos, the start of which has previously been delayed from 2022 to 2023.
Energy BulletsCommodities
Energy BulletsCommodities

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