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Oil Prices Recover After Manic Monday

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BP Launches Oil Project In U.S. Gulf Of Mexico

BP has started up an oil project in the U.S. Gulf of Mexico, its fourth of five major projects globally this year, which will generate cash flow to fund low-carbon energy developments at the supermajor.  

BP announced on Wednesday that it had safely started up the Manuel project, which includes a new subsea production system for two new wells tied into the Na Kika platform 140 miles off the coast of New Orleans. BP and Shell each hold a 50-percent working interest in the Manuel development.

The wells at the Manuel project are expected to boost gross platform production by an estimated 20,100 barrels of oil equivalent per day (boepd).

“Manuel is exactly the type of high-value project that is critical to growing our business here in the Gulf of Mexico. bp’s focused and resilient hydrocarbons business is a key pillar of our strategy,” said Starlee Sykes, BP senior vice president Gulf of Mexico and Canada.

According to Ewan Drummond, BP senior vice president of projects, production and operations: “Our disciplined investment in Manuel is part of our target to add 900,000 boe/d of production from new projects by the end of 2021. The safe production of resilient hydrocarbons in the basins we know best is core to advancing our strategy to transform into an integrated energy company.”

“And it’s high-margin projects like this one that will generate the cashflow to fund our transition to a low carbon future,” BP’s chief executive Bernard Looney wrote on LinkedIn, adding that this was “Performing while transforming at its best.”

BP looks to cut its oil and gas production by 40 percent by 2030 through active portfolio management and no exploration in new countries.

However, Looney has said many times that BP will continue to be in the business of oil and gas, and it will be this business that would deliver cash for renewable investments and steady returns to shareholders.

“Performing while transforming” – this is what Looney reiterates in every update to the market.

By Tsvetana Paraskova for Oilprice.com

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