• 2 minutes CV19: New York 21% infection rate + 40% Existing T-Cell immunity = 61% = Herd Immunity ?
  • 4 minutes Is The Three Gorges Dam on the Brink of Collapse?
  • 7 minutes Sources confirm Trump to sign two new Executive orders.
  • 26 mins Is the oil & gas industry on the way out?
  • 7 hours In a Nutshell...
  • 12 hours Better Days Are (Not) Coming: Fed Officials Suggest U.S. Recovery May Be Stalling
  • 3 days No More Love: Kanye West Breaks With Trump, Claims 2020 Run Is Not A Stunt
  • 2 hours COVID is real now
  • 8 hours Australian renewables zone attracts 27 GW of solar, wind, battery proposals
  • 2 days Where is Alberta, Canada headed?
  • 3 days Putin Paid Militants to Kill US Troops
  • 3 days A Real Reality Check on "Green Hydrogen"
  • 18 hours Why Oil could hit $100
  • 3 days During March, April, May the states with the highest infections/deaths were NY, NJ, Ma. . . . . Today (June) the three have the best numbers. How ? Herd immunity ?
  • 3 days The Coal Industry May Never Recover From The Pandemic
Oil Rig Count Collapse Beginning To Slow

Oil Rig Count Collapse Beginning To Slow

Baker Hughes reported on Thursday…

Colombia’s Gamble On Oil Could End In Disaster

Colombia’s Gamble On Oil Could End In Disaster

The latest oil price collapse…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

More Info

Premium Content

BP CEO Dudley: We’ll Double Our North Sea Oil Production By 2020

UK’s oil major BP (NYSE:BP) will double its production in the North Sea to 200,000 barrels of oil per day, chief executive Bob Dudley said in an interview with Energy Voice in Aberdeen on Wednesday.

“You will see portfolio changes for us in the North Sea, but you may see us invest in other projects as people approach us about joining them. So I think there’s a mix, but we should double our production by 2020 from where it was in 2015,” Dudley said.

The manager went on to add:

“We should be over 200,000 barrels a day in 2020 and by then I’m hopeful our exploration program will lead to more things to do.”

Even though he admitted that the North Sea is largely contains mature fields and things would never go back the way they were when oil was sitting comfortably at US$100, Dudley expects that BP could pump oil in the North Sea until 2050 at least.

“The myth that the North Sea is finished is absolutely that. It’s a wrong myth,” Dudley told Energy Voice.

Speaking to Aberdeen staff back in July, Dudley said that BP’s operating costs in the North Sea were high, but are now down to around US$17 per barrel, according to Energy Voice. With that benchmark behind them, the oil major is now targeting operating costs at US$12 per barrel, the manager noted. Related: Will We See $60 Oil By Christmas?

(Click to enlarge)

Most recently, BP said at the end of last month that it had bought interests in two North Sea exploration prospects, Jock Scott and Craster. Earlier this week, BP announced that drilling had started on a potential carboniferous gas play in the southern North Sea. In both statements, the oil major said:

“BP North Sea expects to grow production for UK assets to around 200,000 barrels per day by 2020, with an exciting set of future investment and renewal options capable of sustaining a material business into the 2030s.”

Earlier this year, BP announced it had doubled its interest in the largest discovered gas field in the North Sea in the last ten years, the Culzean development.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News