BP to invest $17bn in oil, gas exploration, production yearly

BP to invest $17bn in oil, gas exploration, production yearly


British Petroleum, BP has expressed interest to invest $15 -$17 billion in exploration and production of oil and gas yearly. This is part of the company’s plans to grow its assets, targeted at meeting growing demand in the coming years.

The Chief Executive, Upstream, Mr. Bernard Looney, disclosed in a presentation that this would culminate in the growth of the company and industry. Specifically, he indicated that the investment is expected to lead to one million barrels of new production by 2021. According to him, BP chooses its investments very carefully – from the Gulf of Mexico to the Caspian, from Iraq to Indonesia and from Mauritania to Senegal.

“But it is not just about where we work – it is also about the beliefs we have about how we create value. First, we work with partners and contractors to operate as efficiently as possible.  Second, we aim to lead in the use of new technology, particularly digital technology, which has the potential to transform our industry, as it has transformed others such as the retail and automotive sectors. Third, we look to form innovative business models where we work with partners in ways that use our respective strengths to the fullest.


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