Oil Daily | BP Abandons 2030 Output Cuts, Shifts Focus to Gulf of Mexico and Middle East Investments

【Company News】

BP has decided to abandon its previous target of reducing oil and gas production by 2030 as it shifts focus back to hydrocarbons to increase investor returns. The company plans to boost investments in the U.S. Gulf of Mexico and the Middle East, with a new strategy expected in 2025. BP maintains its 2050 net-zero goals but prioritizes shareholder returns from fossil fuels. A recent investment decision includes the Kaskida project in the Gulf of Mexico, set to start production in 2029.

【Others】

An oil tanker explosion near Karachi's international airport killed two and injured ten, identified as a terrorist act targeting a Chinese national. The incident highlights ongoing threats to Chinese nationals in Pakistan, a key location for China's Belt and Road Initiative. Increasing attacks have led to calls for enhanced security measures for Chinese workers in the country.

Libya’s National Oil Corporation denied claims of foreign troops guarding oil fields, asserting that only local forces protect the critical facilities. The statement aimed to dispel rumors and emphasized the importance of Libya's oil industry, which is often affected by political disputes and protests.