Three new natural gas deals for BP underscore move toward low-carbon future

British oil major BP continues to shift toward natural gas, on Friday announcing three different deals to boost gas production.

The first, off the coast of Trinidad & Tobago, unlocked about 2 trillion cubic feet of gas in place. The second sanctions development of four wells and production of about 600 million cubic feet of gas per day in BP’s new Angelin project off the southeast coast of Trinidad.

Then the company announced a deal with the Russian energy giant Rosneft to cooperate on the exploration, production, sale and purchase of gas in Europe.

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BP continues to transition to what it sees as a low carbon future. On Wednesday, the company’s number-two executive, deputy CEO Lamar McKay, extolled the importance of the shift.

BP, McKay said, wants to see a price on carbon, the expansion of natural gas production and renewable energy, investment in low-carbon innovation and technology start-ups, and more energy-efficient industry and consumer behavior.

“BP has long believed that energy production and environmental protection are not mutually exclusive,” McKay said at the fourth annual Greater Houston Partnership State of Energy address.

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“Given the current political uncertainty — not only here in the U.S., but also in the U.K., Europe and elsewhere around the world — none of us can predict what the world’s energy and carbon policies will look like even two years from now, let alone 10 or 20 years from now,” McKay said, foreshadowing President Trump’s decision to pull out of the Paris climate agreement just one day later.

Oil and gas companies will remain essential to human prosperity, McKay said.

But they have to do their part, he said, “to help create a secure, sustainable global energy mix.”