BP aims to raise upstream investment to $10B by 2027

Demand for oil and natural gas will be maintained over the coming decades, said Stuart Shaw, BP's Vice President of Production for the Azerbaijan, Georgia, Türkiye region, at a press conference dedicated to the results of the 12th Ministerial Meeting within the framework of the Southern Gas Corridor Advisory Council and the 4th Ministerial Meeting within the framework of the Green Energy Advisory Council in Baku, Report informs.

In his opinion, this forum has become one of the leading platforms for discussing the prospects of the energy sector in the region:

"Its significance is growing day by day. The need for energy continues to increase at the global level. We are living in an era of 'energy addition.' The world needs both traditional and low-carbon energy sources to meet the growing demand. Indeed, oil and natural gas will be needed for the coming decades. We forecast that there will be high demand for natural gas in the near future, especially in developing economies."

Shaw emphasized that BP is currently implementing projects that create value and ensure future development: "We plan to increase investments directed to the upstream sector by approximately 20% by 2027, reaching a level of approximately $10 billion annually. We believe in our strategy. Because we have rich experience in the exploitation of large and complex fields and in managing integrated oil and gas value chains."