The Misfortunes Of BP

British oil and gas giant BP yesterday released its trading update, which is showing the company?s failure to meet 2004 production targets due to Hurricane Ivan.

BP said it produced 4.09 mln bpd in the fourth quarter of the year, which rose by 4 per cent on the previous three months.
The company lost 80,000 bpd owing to a fire at an Egyptian gas platform and shutdowns caused by hurricane damage in America over the last quarter.

Its Russian production - a main engine of growth for the company - did not grow as fast as output from other parts of the world this time.

BP also admitted that costs in the final three months to December 31 would probably be $250m more than in the third quarter due to higher exploration write-offs, repairs following the hurricane and extra seismic investment.
The BP provisional financial figures for 2004 are scheduled to be released on February 8.