BP PLC (LSE:BP.) and TotalEnergies SE (NYSE:TOT, EPA:TTE) announced on Monday that both companies will be strengthening their commitments to the US, with BP approving a $5 billion offshore oil field and TotalEnergies buying into an onshore gas field, Reuters reported on Monday.
BP has pledged to increase its US production to just over one million barrels of oil equivalent per day (boed) by the end of the decade.
The company’s $5 billion Tiber-Guadalupe project in the Gulf of Mexico is expected to kick off production in 2030, to tap into an estimated 350 million boe in recoverable resources, BP said.
The media outlet noted that BP is becoming increasingly reliant on the US to shore up its oil and gas business following a strategic revamp announced in February to shift spending from renewables to hydrocarbons.
France’s TotalEnergies, meanwhile, announced that it would buy a 49% stake in Continental Resources' onshore gas fields in Oklahoma for an undisclosed sum.
The investment will net the company about 150 million standard cubic feet per day of gas by 2030, or about 26,000 boed.
TotalEnergies purchases about 10 million metric tons of US liquefied natural gas (LNG) per year, which makes the company the largest buyer of US LNG.