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BP targets deeper waters to boost oil output by 4%.
(From Lloyds List)
Byline: British major focuses on new projects in bid to add to its proven reserves, writes Martyn Wingrove
BRITISH oil major BP plans to develop 15 projects over the next three years and has another 26 under evaluation for beyond 2009.
The world's second largest oil company is looking to boost oil output by 4% per annum from a base of 4m barrels per day for this year.
BP's future developments, many of them offshore and in deepwaters, will add new, proven reserves to its strong base levels and provide additional experience on complex projects.
'Looking ahead to the next three years, we have another 15 projects under development, eight of which are on track to start up in 2007 and 11 under appraisal,' said chief executive Lord Browne.
'Beyond 2009 we see a further 26 major projects which expect to develop about 8bn barrels of oil equivalent.'
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