“We already have a portfolio that gives us options for higher margins and lower cost production, and we have been actively managing and adding to the portfolio,” he said. “You may have seen that with the agreements we reached in Abu Dhabi and Azerbaijan at the end of 2016, under which we expect to be producing competitively in those regions and many others for decades to come.”
Dudley pointed out that BP has set out in 2017 with plans to deliver on seven major projects, six of which are gas projects, supporting that shift to gas in the portfolio.
“In addition to these seven projects we have another nine on track for start-up from 2018 onwards, with construction on average, ahead of schedule and 15 percent under budget,” said the CEO. “Together with our recent portfolio acquisitions, these projects are expected to deliver an additional one million barrels of new production a day by 2021 compared with the 2015 base.”
Further, Dudley noted that global energy demand remains strong and growing, but abundant supplies of oil and gas are now a fact of life.
“As a result the economics of the past are changing. At the same time, the energy mix is changing as we move to a lower carbon world. In BP we have a vital contribution to make to this transition,” he added.
BP is a global energy company with wide reach across the world’s energy system. It has operations in Europe, North and South America, Australasia, Asia and Africa.
It is the largest foreign investor in Azerbaijan's oil and gas sector and the operator of the Azeri-Chirag-Gunashli offshore oil and gas block, as well as the Shah Deniz gas and condensate field.
BP is also a participant of such pipeline projects as the Baku-Tbilisi-Ceyhan and South Caucasus Pipeline.
Oil, gas to remain important for decades to come – BP
17 May 2017
Read: 2369
Oil and gas will remain important for decades to come – with rewards for the most efficient and competitive producers, said BP CEO Bob Dudley during the company’s Annual General Meeting in London.
