British Petroleum Co. plc aims to hike its total production to 2.5 million b/d of oil equivalent within the next 10 years, a rise of 1 million b/d on current output.
BP Chief Executive John Browne said, "As well as maintaining output from our two established provinces, the North Sea and Alaska, at approximately their current levels of 500,000 b/d each, we expect to boost production to 250,000 b/d in both the Gulf of Mexico and South America."
The company is also working to start production from fields in the Caspian Sea and northern and western West Africa and is appraising discoveries in U.K. West of Shetland, Norway, Alaska, Gulf of Mexico, Venezuela, and Papua New Guinea.
In 1996, the company's oil and gas output rose by 5%, and production was more than covered with discoveries and upgrades of booked reserves. Finding costs were $1.30/bbl, down 20¢ from 1995.
Among discoveries booked last year were Perseus off Northwest Australia, which has estimated reserves of 9 tcf of gas, and Girassol off Angola, where reserves have been estimated by others at 1 million bbl of oil. BP has a 16.67% interest in both licenses.
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