• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 17 hours US Military Spends at least $81 Billion Protecting OPEC Persian Gulf Oil Shipping Lanes (16% DoD Budget)
  • 2 hours How many drilling sites are left in the Permian?
  • 17 hours "Undeniable" Shale Slowdown?
  • 1 day China To Promote Using Wind Energy To Power Heating
  • 18 hours Mueller Report Brings Into Focus Trump's Attempts to Interfere in the Special Counsel Investigation
  • 20 hours Overheating the Earth: High Temperatures Shortened Alaska’s Winter Weather
  • 1 day Gas Flaring
  • 26 mins Case against Trans Mountain Begins
  • 1 day Climate Change Protests
  • 16 hours Everything Is Possible: Germany’s Coal Plants May Be Converted to Giant Batteries
  • 9 hours Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 8 hours U.S. Refiners Planning Major Plant Overhauls In Second Quarter
  • 2 days Japan’s Deflation Mindset Could Be Contagious
  • 1 day Tax Credits for Energy Storage

Breaking News:

Guaido Takes Strides To Topple Maduro

Alt Text

The Unique Device Generating Power From Snow

Researchers from the University of…

Alt Text

Top Heavy Oil Markets Continue To Rally

Oil markets continued their way…

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

Trending Discussions

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

Trending Discussions


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