British energy company BP announced the acquisition of a 40% stake in a production-sharing agreement covering six oil and gas exploration blocks in the Ustyurt region of Uzbekistan. This marks the company’s return to traditional energy investments.
BP had previously scaled back its exploration activities in the region in 2021 as part of a “green” energy strategy adopted under former CEO Bernard Looney, who committed to reducing oil and gas production by 40% by 2030.
Since then, the company has refocused on fossil fuels.
“We believe Uzbekistan has significant resource potential and view this as an opportunity to support the exploration and development of the country’s oil and gas resources,” said Joe Cristofoli.
BP, GAS, OIL, UZBEKISTAN
