ETAP facility in the North Sea; Source: BP

BP sees sharp drop in profit due to flat gas prices but uplifts renewables pipeline

UK-headquartered oil and gas giant BP has achieved production growth, a reduction in net debt, and a “robust” operating cash flow, based on its results for the third quarter of 2023, where the firm outlined its progress in investing not only in oil and gas to keep the energy flowing at this point in time but also in the future energy system. Two new offshore wind projects have elevated the oil major’s renewable energy portfolio to a new level. However, the company’s profit was cut by more than half from the figures recorded during the same quarter last year on the back of the natural gas market’s weaker performance.

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