"BP, in a Reversal, Says It Will Produce More Oil and Gas"

"The company said global concerns about energy security had prompted the change, as it reported record profits for 2022."

"BP’s chief executive, Bernard Looney, said on Tuesday that the company would pare back its plans to reduce oil and gas production in the coming years, a move that would result in higher-than-expected carbon emissions.

The shift appeared to be a response to changes in the geopolitical environment, at least partly caused by the war in Ukraine, which has sent oil and, especially, natural gas prices soaring.

The comments came as BP company joined other big oil companies in reporting record annual profit: $27.7 billion for 2022, almost double the adjusted profit of 2021.

With oil and gas so profitable, BP now says it will increase investment in the production of fossil fuels by about $1 billion a year above previous plans for the rest of the decade. It will also increase spending by a similar amount on low-carbon businesses."

Stanley Reed reports for the New York Times February 7, 2023.

Source: NYTimes, 02/10/2023