• 3 minutes Oil Price Could Fall To $30 If Global Deal Not Extended
  • 7 minutes Middle East on brink: Oil tankers attacked off Oman
  • 11 minutes Is $60/Bbl WTI still considered a break even for Shale Oil
  • 15 minutes CNN:America's oil boom will break more records this year. OPEC is stuck in retreat
  • 8 mins The Pope: "Climate change ... doomsday predictions can no longer be met with irony or disdain."
  • 21 mins Coal Boom in Asia is Real and a Long Trend
  • 18 mins The Plastics Problem
  • 11 hours China's President Xi To Visit North Korea This Week
  • 3 hours GM Considering Electric Hummer
  • 35 mins Hydrogen FTW... Some Day
  • 15 hours OPEC, GEO-POLITICS & OIL SUPPLY & PRICES
  • 7 hours The Magic and Wonders of US Shale Supply: Keeping energy price shock minimised: US oil supply keeping lid on prices despite global risks: IEA chief
  • 13 hours Forbes: Giant Floating Solar Farms Could Extract CO2 From Seawater, Producing Methanol Fuel.
  • 17 hours Fareed Zakaria: Canary in the Coal Mine (U.S. Dollar Hegemony)
  • 17 hours Why Is America (Texas) Burning Millions of Dollars Per Day Of Natural Gas?
  • 15 hours Hormuz and surrounding waters: Energy Threats to the World: Oil, LNG, shipping markets digest new risks after Strait of Hormuz attack
  • 10 mins As Iran Nuclear Deal Flounders, France Turns To Saudi For Oil
  • 10 hours Russia removes special military forces from Venezuela . . . . Maduro gone by September ? . . . Oil starts to flow ? Think so . .
  • 52 mins The Latest: Iranian FM Says US Cannot Expect To ‘Stay Safe’
Alt Text

OPEC’s No.2 Steps In To Replace Lost Iranian Oil

Iraq, OPEC’s no.2 oil producer…

Alt Text

Small Crude Build Sends Oil Lower

Oil prices continued to fall…

Alt Text

Oil Plunges On Fears Of Weak Demand

Oil prices fell another 4%…

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

Trending Discussions

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

Trending Discussions


Leave a comment

Leave a comment





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