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BP’s 2020 Upstream production almost 10% lower than in 2019

Oil&Gas Materials 2 February 2021 12:53
BP’s 2020 Upstream production almost 10% lower than in 2019

BAKU, Azerbaijan, Feb.2

By Leman Zeynalova – Trend:

BP’s Upstream production, which excludes Rosneft, for the full year averaged 2,375mboe/d, 9.9 percent lower than for 2019, driven primarily by divestments in BPX Energy and Alaska, Trend reports with reference to BP.

Underlying production for the full year was 3.5 percent lower than 2019. For the full year of 2020, BP-operated Upstream plant reliability was 94 percent and Upstream unit production costs of $6.39/boe were 6.5 percent lower than in 2019.

Production from three Upstream major projects started in the quarter – the Ghazeer project in Oman, Vorlich in the UK North Sea and the KG D6 R Cluster project offshore India. This follows the Gulf of Mexico Atlantis Phase 3 project in the previous quarter. The Raven project in Egypt is currently undergoing commissioning. The Trans Adriatic Pipeline began gas deliveries, completing the Southern Gas Corridor pipeline system. BP reached agreement to sell its interests in the Wamsutter asset in Wyoming to Williams Field Services LLC. In February 2021 BP also agreed to sell a 20 percent participating interest in Oman’s Block 61 to PTT Exploration and Production Public Company Limited.

As for the Downstream, BP-operated refining availability for the full year was 96 percent. In the quarter BP announced plans to cease production at the Kwinana refinery and convert it to an import terminal, helping to secure ongoing fuel supply for Western Australia. BP continued to make progress in fuels marketing in 2020, expanding its retail network by more than 1,400 to over 20,300 sites worldwide. This includes more than 1,900 strategic convenience sites, around 300 more than a year earlier.

The $5-billion sale of BP's petrochemicals business to INEOS completed on 31 December and BP received the second payment of $3.6 billion, less $0.1 billion of third-party indebtedness. Final payments totalling $1 billion are expected in the first half of 2021. Through 2020, the number of BP and joint venture operated electric vehicle charging points increased to more than 10,000 worldwide, with growth in the UK, Germany and through the DiDi joint venture in China.

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Follow the author on Twitter: @Lyaman_Zeyn

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