BP. BP (LSE:BP.) announced on Wednesday that it has acquired a 40% participating interest in a production sharing agreement covering six oil and gas exploration blocks in Uzbekistan’s Ustyurt region, signalling a renewed emphasis on conventional energy investments.
The move marks a reversal from the company’s earlier strategy under former chief executive Bernard Looney, when BP exited exploration activities in the region in 2021 as part of a broader transition toward green energy and a target to reduce oil and gas production by 40% by 2030. Since then, the company has increasingly refocused on its traditional fossil fuel operations.
“We believe Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources,” said Gio Cristofoli.
The production sharing agreement covers six exploration blocks situated within Uzbekistan’s Ustyurt basin, an area regarded as prospective for hydrocarbon development.
More about BP
BP is one of the world’s largest integrated energy companies, with operations spanning oil and gas exploration, production, refining, trading and energy marketing. Headquartered in the UK, the group has recently adjusted its strategic priorities to place greater emphasis on traditional hydrocarbon production alongside its lower-carbon and renewable energy activities.
Leave a Reply