Baku, Azerbaijan, March 1
By Leman Zeynalova – Trend:
While always maintaining its discipline on costs and capital, BP is now getting back to growth – today, over the medium term and over the very long term, said BP Group chief executive Bob Dudley.
Production ramping up from new upstream projects is expected to deliver a material improvement in BP’s operating cash flow through the second half of 2017, said the message on the company’s website.
Over the past five years, BP’s upstream segment has begun production from 24 major projects, including six in 2016. Seven projects are expected to come online during 2017.
The projects coming on line in 2016 and 2017 are on track to deliver 500,000 barrels of oil equivalent a day (boe/d) new production capacity by the end of 2017.
The new upstream projects remain on track to deliver 800,000 boe/d of new production by 2020, as previously guided.
BP is now confident that upstream production will grow from 2016 by an average of 5 percent a year out to 2021. BP Group production, including BP’s share of production from Rosneft, is expected to be around 4 million boe/d by 2021.
BP also expects significant earnings growth from its downstream marketing businesses, with underlying earnings in 2021 more than $3 billion higher than in 2014.
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