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BP to boost spending on oil and gas by $500 million, CEO says
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LONDON (Reuters) – BP is increasing its spending on oil and gas by $500 million in response to soaring energy prices and tightening supplies, Chief Executive Officer Bernard Looney told Reuters on Tuesday.
LONDON (Reuters) – BP is increasing its spending on oil and gas by $500 million in response to soaring energy prices and tightening supplies, Chief Executive Officer Bernard Looney told Reuters on Tuesday.
The extra spending will go primarily to BP’s onshore natural gas production in the Hayensville basin and offshore production in the Gulf of Mexico, both in the United States, he said.
“We will direct more investment towards hydrocarbons to help with energy security in the near term,” he told Reuters after the company reported its highest quarterly profit in 14 years.
“We’ll probably direct about a half a billion dollars for hydrocarbons.”
(Reporting by Ron Bousso; Editing by Kirsten Donovan)
Oil and gas investment refers to the allocation of capital into the exploration, extraction, and production of oil and natural gas resources, aiming to generate returns from energy markets.
Energy prices refer to the cost of energy resources, such as oil, gas, and electricity, which fluctuate based on supply and demand dynamics in the market.
Corporate strategy is a comprehensive plan that outlines how a company will achieve its goals and objectives, including decisions on resource allocation, market positioning, and competitive advantage.
Investment is the act of allocating resources, usually money, in order to generate income or profit, often through purchasing assets or funding projects.
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