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Photographer: Leon Neal/AFP/Getty Images

Markets

BP Exited Kazakh Oil Projects to Focus on Renewables Strategy

  • Oil major will not pursue investments in Kazakh blocks
  • BP has pledged to slash its future oil and gas production

BP Plc abandoned three oil projects in Kazakhstan after it changed strategy to concentrate on renewable energy and its existing ventures.

The European major sent a letter to state-run KazMunayGas in October last year, saying that after 18 months of work to evaluate such offshore blocks as the Bolshoy Zhambyl, Zhemchuzhnaya and Kalamkas Sea it decided not to pursue them with future investments, according to the letter published on KazMunayGas website yesterday.