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BP To Significantly Boost Investment In U.S. Oil

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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…

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