BP Plc. has started output at Oman’s giant Ghazeer natural gas field four months ahead of schedule.
The gas field is the second phase of the development of Block 61 and expected to increase BP’s oil and gas production for years as it shifts into renewables.
The company is shifting rapidly towards renewable power and reduce oil and gas production by 1 million bpd by 2030 with oil and gas to help fund the move.
By 09.22 GMT on Monday, BP’s shares slipped by 1.4% and remained close to the lowest level in 25 years. So far in 2020, the shares have lost 54% on the back of the coronavirus pandemic and the concerns over the company’s strategy.
