BP PLC (BP) is looking at ways to turn its U.S. natural gas into more valuable oil-linked products, including potentially exporting the fuel as liquefied natural gas, Chief Executive Bob Dudley said Tuesday.
BP PLC (BP) is looking at ways to turn its
U.S.
natural gas into more valuable oil-linked products, including potentially
exporting the fuel as liquefied natural gas, Chief Executive Bob Dudley said
Tuesday.
"Our teams have looked at opportunities to monetize gas," said Mr.
Dudley, confirming that BP was in talks on possibly investing in
"brownfield export capacity" from
North America
.
With
U.S.
natural-gas prices falling to historic lows as new shale gas production
techniques boost domestic supply, firms that have invested heavily in shale gas
are trying to seek out uses for the hydrocarbon that delivers better profit
margins.
Spot LNG prices in Asian countries like
Japan
are
much higher than in the
U.S.
,
prompting a flurry of applications for the right to export some
U.S.
gas
to the
Far East
.
Earlier this year, BP, Exxon Mobil Corp. (XOM) and ConocoPhillips (COP) reached
an accord with the Alaskan state government to start producing natural gas at
their Point Thomson development, a move that could pave the way for exports
from the far north-west U.S. state to Asia.
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