BAKU, Azerbaijan, Feb.4
By Leman Zeynalova – Trend:
Upstream production of BP for the fourth quarter, which excludes Rosneft, was 2,698 mboe/d, 2.7 percent higher than a year earlier, Trend reports citing BP.
Underlying production, adjusted for portfolio changes and PSA impact, increased by 2.1 percent, mainly due to major project growth, reads the report released by BP.
In 2019 BP announced seven discoveries.
“In December, it confirmed the success of a three-well drilling campaign offshore Mauritania and Senegal, offering the potential for possible future developments. The Alligin project, a tie-back to the Quad 204 development west of Shetland, UK, began production ahead of schedule in December and was the fifth Upstream major project start-up of 2019. The Raven project in Egypt is now expected to come onstream around the end of 2020,” reads the report.
BP said that final investment decisions for five further projects, in the US Gulf of Mexico, UK North Sea, Azerbaijan and India, were taken in 2019.
“In November BP agreed to sell its interests in the onshore San Juan and Arkoma fields in the US. In early January 2020, BP announced it had agreed terms to sell its interests in the Andrew area and in the Shearwater field, both in the central UK North Sea,” reads the report.
In the Downstream, BP continued to make strategic progress in fuels marketing, with its convenience partnership model now in around 1,600 sites across the network.
“BP also made progress towards its growth ambition in new markets, most notably in Mexico, where there are now over 520 BP-branded sites and volumes more than doubled in 2019. In December, BP signed key agreements with Reliance Industries Limited to form a new fuels marketing joint venture, which will build on Reliance’s existing network of retail sites in India and include access to the country’s aviation fuels market. A consortium of leading companies across the PET plastics value chain, including BP, was formed. It aims to help accelerate the commercialisation of BP’s enhanced recycling technology, BP Infinia, which is capable of processing currently-unrecyclable plastic waste,” reads the report.
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