British energy company BP announced that it has acquired a 40 per cent interest 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 previously phased out exploration activities in the region in 2021 as part of its green energy strategy under former CEO Bernard Looney, who pledged to reduce oil and gas production by 40 per cent by 2030. The company has since shifted its focus back to fossil fuels.
“We are convinced that Uzbekistan has significant resource potential and see this as an opportunity to support the exploration and development of the country’s oil and gas resources,” Joe Cristofoli said.