The logo of British multinational oil and gas company BP is displayed at their booth during the LNG 2023 energy trade show in Vancouver, British Columbia, Canada, July 12, 2023. REUTERS/Chris Helgren/File Photois seeking to form joint ventures around its U.S. onshore natural gas fields to expand production and cut costs as rival energy giants rush to scale up shale businesses, three sources with direct knowledge of the talks told Reuters.
The ventures could cover pieces of land of varying sizes, and would not have to be everything BP has within the basin. BP plans to invest around $2.5 billion per year in its shale business, with an average of 12 to 15 rigs in operation. Production is expected to double to 650,000 barrels of oil equivalent per day by 2030 from 2022 levels, the company said in a presentation last month.