• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 1 min China's Blueprint For Global Power
  • 1 hour Why did Aramco Delay IPO again ? It's Not Always What It Seems.
  • 5 hours ABC of Brexit, economy wise, where to find sites, links to articles ?
  • 2 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 4 hours National Geographic Warns Billions Face Shortages Of Food And Clean Water Over Next 30 Years
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 56 mins World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 7 hours Bloomberg: shale slowing. Third wave of shale coming.
  • 7 hours Why don't the other GOP candidates get mention?
  • 4 hours Deepwater GOM Project Claims Industry First
  • 5 hours Idiotic Environmental Predictions
  • 6 hours PETROLEUM for humanity 
Alt Text

The Oil Rig Count Collapse Continues

U.S. oil and gas rigs…

Alt Text

A Crisis Is Brewing For Offshore Oil

Times are hard for both…

Oil & Gas 360

Oil & Gas 360

From our headquarters in Denver, Colorado, Oil & Gas 360® writes in-depth daily coverage of the North American and global oil and gas industry for…

More Info

Premium Content

BP Cuts North Sea Production Costs In Half

Dudley credits standardization, simplification

In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea.

“This focus on standardization, simplification and discipline on cost has contributed to our average production costs in the North Sea coming down from a peak of over $30 a barrel in 2014, to less than $15 a barrel today. Heading towards 2020, with all our major new developments coming into production, we expect that to come down below $12 a barrel in the North Sea,” the BP chief executive said.

Dudley was opening plenary’s keynote speaker at the European E&P conference. His talk was entitled “New realities — reinventing our industry.” He talked about how the energy industry is changing.

Dudley referred to an innovation his company is focusing on as “the type of businesses we develop in the future, and the shape of future business models.”

The fuel mix is changing

“Oil and gas will be a big part of the mix for decades to come. But the fuel mix is changing, along with the way resources are produced and delivered as we move to lower carbon and look to advance that transition.

Dudley said the BP portfolio is shifting towards more gas “as we put together the right projects.”

Promotes biofuels

Dudley said BP was continuing its work in developing renewables, “particularly … in terms of ‘bio’ for fuels and feedstocks. We recently acquired a joint venture facility in the U.S. that will help with the commercialization of biobutanol.”

Dudley said BP is very focused on using venturing “to screen for and test new emerging technologies in the area of lower carbon.”

“It’s an environment with opportunities for the most efficient and competitive producers – and for producers of more efficient products, like fuels and lubricants that offer more miles per liter or a higher bio-content that lowers the carbon footprint.”

BP reports full ownership of three ethanol production plants in Brazil with combined capacity of 10 million tons per year. On the oil and petrochem side, BP’s share of the oil refining operations it owns or participates in comes to just under 2 million barrels per day.

BP operations – key facts

(Click to enlarge)

By Oil and Gas 360

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment
  • J P DeCaen on September 17 2017 said:
    I hope the cost cutting is not of the same type exercised in the Deepeater Horizon.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play