BAKU, Azerbaijan, April 9. In the first quarter of 2024, bp anticipates an increase in upstream production compared to the previous quarter, particularly in oil production and operations, along with a slight uptick in gas and low carbon energy, the company said, Trend reports.
However, in the gas and low carbon energy sector, bp foresee some challenges. Realizations compared to the previous quarter are expected to be lower by an estimated $0.2-0.4 billion.
As the company explained, this decrease is primarily attributed to declines in non-Henry Hub natural gas marker prices. Additionally, the devaluation of the Egyptian Pound is expected to have a negative impact of around $0.2 billion.
Despite these challenges, the gas marketing and trading segment is expected to perform well, bp noted, building on a strong performance in the fourth quarter of 2023.
Meanwhile, bp is expected to present its 1Q2024 results on May 7.