bp is growing its global oil and gas exploration which is a key part of company’s reset strategy to unleash to unlock global oil and gas reserves. This innovative expertise according to the bp’s subsurface team is the company ultimate job to find and produce the best oil and gas resources around the world
The company further attributed this exciting opportunity to its ability to capitalize on its world-class expertise and technological capabilities to grow the business and shape the future of the company and to meet the world’s energy demands.
To substantiate this historic milestone, just only this year, bp has made six discoveries that cut across global energy landscape namely; in Egypt, Trinidad and Tobago, the Gulf of America, and a significant find in Namibia through Azule Energy 50-50 independent joint venture with Eni. These are part of the company’s programme to drill around 40 wells over the next three years.
“It feels like an unprecedented moment, when demand for all energy types is needed the world over. This presents a great opportunity for a truly integrated energy company like bp.”Ariel Flores, SVP of subsurface
Historically, bp has a proving strong exploration success rate. Its 10-year track record stands at one in three wells, with more than 44 new discoveries. With the period under review, the company has unlocked about 3.9 billion barrels of oil equivalent of commercially viable resources.
In terms of resources that have already been discovered, bp has a proud history of operating or providing technical support to a large number of giant and supergiant fields. Today, the company has involved in five of the world’s biggest oil and gas fields: in Azerbaijan, the Gulf of America, the Middle East and Indonesia. Together, these fields are expected to produce around five billion barrels of resources over their lifespans.
This track record of delivery has made bp the partner of choice for countries around the world. The company had recently chosen to be the technical services provider for the Mumbai High field, India’s largest and most prolific offshore oilfield. bp will work in close collaboration with owner and operator ONGC to stabilize the field’s current production decline and restore it to a robust growth trajectory.
bp’s strategy reset earlier this year has affected the company’s oil and gas operational landscape ranging from the company’s relentless focus on safety and its unwavering expectation that oil and gas will continue to be our primary cash-generating business well into the next decade.
What has changed is that bp now plans to grow the upstream and the value of its global portfolio. In February, bp increased its expected annual capital investment in oil and gas by around 20% – from around $8.5 billion to around $10 billion a year through 2027. That’s helping the company to develop discovered resources and invest in further exploration.
Also this year, bp has started up four major projects, Raven in Egypt, Mento and Cypre in Trinidad & Tobago, plus the first LNG cargo has sailed away from GTA Phase 1 in Mauritania & Senegal and two more major projects slated to start up this year.
