Plans move forward with BP's net zero corporate objective

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Plans move forward with BP's net zero corporate objective

Mon, 04/26/2021 - 14:00
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BP display stand with company redesign logo (copyright by Shutterstock/Tommy Lee Walker)
BP display stand with company redesign logo (copyright by Shutterstock/Tommy Lee Walker)

As part of BP’s net zero corporate objective, the company plans to invest some $1.3 billion in an integrated oil, gas and water handling processing facility in the Permian basin. This is expected to be BP’s largest American-based onshore project investment, since it purchased the $10.5 billion worth of American shale assets from BHP.

This new Grand Slam project, will involve construction of an extensive network of pipelines and related infrastructure, designed to collect and capture surplus natural gas produced as a by-product from oil wells in the Permian Basin. This new facility will be located near the town of Orla in south western Texas, reports a recent BP press release. BP aims with this Permian Basin project, to gain both operational and environmental benefits including significantly reduced emissions, enhanced production and improved reliability of operations.

Moreover, according to BP’s website, the company plans to eliminate routine natural gas flaring from its operations in the Permian basin by at least 2025. BP also expects that at least 75 percent of its Permian-operated wells will be electrified by the end of this year rising to more than 95 percent by 2023.

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