BP to Invest More in Middle East’s ‘World-Leading’ Oil Fields - Bloomberg
BP Plc said it will invest more money in Middle Eastern oil and natural-gas fields even as it transitions to renewable energy and tries to lower emissions.
The company is a major producer in countries such as Iraq, where it operates the world’s third-largest oil field of Rumaila, the United Arab Emirates and Oman. It’s focusing on their low-cost oil, while also boosting output of gas, according to Stephen Willis, BP’s senior vice president for the Middle East.
“We will continue to invest in these,” Willis said in a video interview from Oman, without specifying how much BP planned to spend. Deposits in Iraq, the UAE emirate of Abu Dhabi and Oman have “world-leading operating cost, capital cost and production efficiency performance.”
European oil majors are seeking greener sources of energy to combat climate change. BP, which is selling assets and cutting its dividend in response to oil’s coronavirus-triggered crash this year, is targeting a 40% decline in hydrocarbon production by 2030 and won’t explore for crude in any new countries.
In the Middle East, several countries are beginning to exploit renewable energy resources and focus more on gas, the production and burning of which emits less carbon than oil or coal.
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