BP expects to grow its production to 4 million barrels a day by the end of the decade, the company reported on May 17, 2017.
During the Annual General Meeting, the company’s Chairman Carl-Henric Svanberg said that with BP’s recent recent investments, «in a few years’ time, our production should be back at the same level as before we had to sell a 3rd of our assets to cover the Gulf costs.»
To help achieve its production target, BP expects to bring 7 major projects to production this year, and more from 2018 onwards.
«We have 2 of these 7 projects on line already, with 2 more imminent – including our big Quad 204 project in the UK – and we are right on track to deliver all 7 by the end of the year,» BP CEO Bob Dudley said.
BP is redeveloping the Schiehallion and Loyal fields as part of its Quad 204 project, located 175 km west of Shetland.
Schiehallion and Loyal have produced nearly 400 million barrels of oil since production started in 1998.
The Quad 204 development aims to access the remaining estimated 450 million barrels of resource still available.
«In addition to these 7 projects we have another 9 on track for start-up from 2018 onwards, with construction on average, ahead of schedule and 15% under budget. Together with our recent portfolio acquisitions, these projects are expected to deliver an additional 1 million barrels of new production a day by 2021 compared with the 2015 base.», Bob Dudley said.
«When our share of Rosneft production is added in, BP should return to being around a 4 million barrel a day business by the end of the decade. To be clear, that volume is a measure of the confidence we have in our portfolio,» Dudley said.