Bp is set to develop best barrels, will make the portfolio higher value, bp’s CEO Bernard Looney told TIME, Trend reports.
“bp’s production will be 1.5 million barrels a day by 2030, down from 2.6 million today. Our focus is on is developing reserves on two criteria: How do we produce barrels with the lowest possible environmental footprint? Number two: What produces the best returns. We will invest in only the best because less barrels will meet those investment thresholds,” he said.
Looney noted that bp is no longer going to enter a new country to find the next giant oilfield.
“We have a joint venture in Norway, and they will develop new oil fields. And bp will explore for oil in the Gulf of Mexico, where we have existing infrastructure: It’s been growing and it will grow. It was a great success story for America and the world, and we believe we can grow it over the next three to four years. But that doesn’t mean that the overall picture doesn’t decline. That’s what we mean by “high grading”. We will develop the best barrels, will make the portfolio higher value,” noted the company CEO.
He went on to add that the barrels where bp has existing infrastructure are very positive, because it is not necessary to build new infrastructure and start up new facilities.
“So places like the Gulf of Mexico will be very important to the company for a very long time to come. Our position in the onshore in the United States is very important to the company for a long time. We’re mainly in Texas,” said Looney.
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