• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 11 hours americavchina.com
  • 44 mins Greta named Time Magazine "Person of the Year"
  • 2 hours DUMB IT DOWN-IMPEACHMENT
  • 2 hours Emissions Soar as Flaring Frenzy Breaks New Records
  • 14 hours Tories on course to win majority
  • 15 hours Winter Storms Hitting Continental US
  • 7 hours Aramco Raises $25.6B in World's Biggest IPO
  • 18 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 52 mins POTUS Trump signs the HK Bill
  • 14 hours WTO is effectively neutered. Trump *already* won the trade war against China and WTO is helpless to intervene
Alt Text

Is A New Price War Looming For OPEC?

OPEC has long maintained a…

Alt Text

The Toughest Part Of The OPEC Deal

OPEC+ agreed to deepen output…

Alt Text

IEA Pours Cold Water Over OPEC+ Optimism

While OPEC has dominated headlines…

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
Download on the App Store Get it on Google Play