BP Bolsters U.S. Oil & Gas Spending Through 2025

January 9, 2023--Researched by Industrial Info Resources (Sugar Land, Texas)--BP plc (NYSE:BP) (London, England) is answering calls to boost its oil output as inflation stubbornly persists. The oil and gas giant announced it will increase spending for its onshore U.S. assets--mostly in Texas--41% to $2.4 billion in 2023, while its offshore Gulf of Mexico spending will go up 15% to an average $2.3 billion.

Industrial Info is tracking more than $4.5 billion worth of active BP oil and gas projects across the U.S., about 75% of which is attributed to projects already under construction. Altogether, BP expects to invest $7 billion in its Gulf of Mexico assets through 2025, following $10 billion of investment since 2018. BP's U.S. onshore oil and gas business holds assets in the Permian Basin in Texas, the Eagle Ford Shale in Texas, and the Haynesville Basin in Louisiana.