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BP To Significantly Boost Investment In U.S. Oil

Moving in lockstep with the Biden Administration’s calls for U.S. oil and gas companies to expand production, London-based BP Plc has unveiled plans to boost spending in the American oil heartland by over 40% this year.

On Wednesday, BP said it would raise onshore oil and gas investment in the U.S. from $1.7 billion in 2022 to $2.4 billion in 2023–a 41% hike year-on-year. Offshore, in the Gulf of Mexico, BP said it plans to invest a total of $7 billion by 2025, compared to $10 billion in investment over the past five years. While the investment dollars will be increasing, however, BP also noted a reduction in Gulf of Mexico production plans from 400,000 boed to 350,000 boepd. 

In the Gulf of Mexico, BP has four deepwater production platforms, with a fifth, Argos, set to launch first production later this year as part of the oil giant’s Mad Dog 2 project. The 2023 production date represents a delay from original first production plans last year. 

Several new projects are underway, including a $1.3-billion expansion at the Atlantis field in the Gulf of Mexico, the $9-billion Mad Dog 2 development, and a major expansion at the Thunder Horse field. 

According to BP’s “US Impact Report: Investing in America” released on Wednesday, the company has a larger presence in the United States than anywhere else in the world, and has invested more than $135 billion since 2005, “supporting nearly a quarter million American jobs” and “contributing about $60 billion to the national economy in 2021”.

In 2021, BP produced an average of 296,000 boepd in the United States, the bulk of that in the Gulf of Mexico. 

BP also noted that U.S. refineries represent around 40% of the company’s global refining capacity, with refining capabilities of 851,000 bpd. 

By Charles Kennedy for Oilprice.com

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