{"id":10013,"date":"2010-03-04T08:41:04","date_gmt":"2010-03-04T07:41:04","guid":{"rendered":"http:\/\/bontrade.org\/blog49\/10013\/bp-begins-world-drive-to-increase-global-oil-production\/"},"modified":"2010-03-04T08:41:04","modified_gmt":"2010-03-04T07:41:04","slug":"bp-begins-world-drive-to-increase-global-oil-production","status":"publish","type":"post","link":"https:\/\/bontrade.org\/blog49\/10013\/bp-begins-world-drive-to-increase-global-oil-production\/","title":{"rendered":"BP begins world drive to increase global oil production"},"content":{"rendered":"

BP will begin 42 new global oil production projects over the next five years as oil fields decline, the company said this week.<\/p>\n

The schemes, which are spread from Russia to the North Sea, will contribute one million barrels of oil a day by 2015, which amounts to a quarter of BP’s total oil production.<\/p>\n

BP, which will spend \u00a310 billion on exploration and production this year, expects production to rise by between 1% and 2% a year to 2015 and is confident of further growth to 2020. Deep-water sources, giant oilfields and gas, including unconventional gas sources, will drive medium-term growth, the company said.<\/p>\n

Chief executive Tony Hayward has embarked on a recovery programme for BP and has shed around 8,000 staff, and his latest efficiency drive will focus on working existing assets harder rather than cutting jobs.<\/p>\n

Hayward said: ‘The challenge and the opportunity for us is that while our portfolio ranks among the best in the industry, our financial performance has yet fully to reflect this.’<\/p>\n

The real juice is the $2 billion in efficiency gains BP has identified at its refineries. After a series of accidents, it has taken BP five years to get them back in full working order. In that time, efficiency has been neglected, with a 30%-plus gap between its best- and worst-performing facilities. A number of smaller refineries have been earmarked for disposal.<\/p>\n

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