British BP To Push Up Hydrocarbons Investment
In reaction to rising energy prices and dwindling supplies, Britain’s BP will increase its investment spending on oil and gas by $500 million, according to Chief Executive Bernard Looney.
« In the foreseeable term, we’ll focus more investment on hydrocarbons to support energy security. We’ll likely allocate roughly $500 million to hydrocarbons, » said BP’s CEO as quoted by Reuters. He added that such a measure is necessary due to rising energy prices as well as supply shortages.
The Haynesville Basin and the Gulf of Mexico in the United States will bear the majority of the company’s increased expenses, according to the information.
The corporation said in a financial report released earlier that its net income for the second quarter of 2022 was $9.257 billion, which was triple the amount for the second quarter of 2021. In addition, BP reported a loss of $11.127 billion for the first half of the year after making a profit of $7.783 billion in the same period last year.