The massive Zohr gas field off Egypt will come online by the end of December, marking the completion of what British energy giant BP says is one of its biggest years ever as it increasingly focuses on international natural gas projects.
BP is shifting from crude oil toward cleaner-burning gas projects in developing parts of the world as it seeks to transform itself as a result of the 2010 Deepwater Horizon tragedy, the subsequent oil price bust and the world’s increasing focus on climate change. BP historically held a portfolio that was 60 percent oil, but that is expected to shift to 60 percent natural gas by 2020, company officials said.
BP completed seven major projects this year, in Egypt, Trinidad and Tobago, Oman, Australia and in the North Sea near its home base in the United Kingdom. Out of those seven, only the North Sea expansion is focused on crude oil. The rest primarily aim to deliver natural gas, a cleaner-burning fuel that is expected to fit better into a lower-carbon environment…
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