BP has withdrawn from talks with Kazakh state oil and gas holding KazMunaiGaz (KMG) over the formation of a partnership for exploration and potential development of three blocks in the country's sector of the Caspian Sea. The pull-out comes as the UK supermajor pivots to more renewable forms of energy amid the global transition to cleaner fuel sources in an effort to drive down emissions. KMG said BP's decision is related to its renewed focus on renewables and also on its existing oil and gas projects. "These assets do not fit into BP's new strategy," the Kazakh company quoted BP as saying in a letter. According to KMG, the pair in 2019 formed a joint group of experts to assess the potential of Kalamkas-more, Zhemchu-zhny (Pearls) and Bolshoy Zhambyl.
展开▼
