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BP to increase oil and gas spend

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On August 2, Bernard Looney, BP CEO, said that BP is increasing its spending on oil and gas by $500 million, in response to soaring energy prices and tightening supplies.

Mr Looney said: “The increased spend will go primarily to BP’s onshore natural gas production in the Haynesville basin and offshore production in the Gulf of Mexico, both in the United States.

“We will direct more investment towards hydrocarbons to help with energy security in the near term. We’ll probably direct about a half a billion dollars for hydrocarbons.”

The company reported its highest quarterly profit in 14 years.

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