BP shrinking its activities
[rtl] Translation - Khaled Qassem
led snap to the Director of Exploration BP resignation to highlight the strategic search ofoil , which is mainly focused on the expansion of existing fields rather than risk large amounts of money in the drilling of new wells.
This reflects warned the company that was punished to pay $ 55 billion because of theGulf of Mexico oil leak in 2010, the need for the era of the last drop of fields that suffer from budget cuts after the fall in oil prices.
Although the total reserves and fields of the company which will enter into operation in the next four years look like the best condition compared with other large companies, but long - term projects planning is the weakest among its peers and a point equal to their costs with their revenues are the highest.
According to several sources within the company that its chief executive Bob Dudley and his team are working on a new strategy for long - term, as investors are expecting an update on its plans beyond 2020 later this year or early next year. It is expected that theplan is in harmony with the phrase repeated by Dudley always: «big is not always beautiful». The
company focuses its operations on five zones , namely Angola, Azerbaijan, Egypt and the Gulf of Mexico and the North Sea. In spite of the resources available to the company is not small compared with its peers, but analysts say the lack of planning for long -term projects is a source of concern.
Reserves / production rate of the company, a number of years that the reserve willcontinue where according to the current production, is the third - highest rate among major oil companies and approximately 13 years old, except for the production ofRussian oil company Rosneft. It comes BP after ExxonMobil at 17 years old and Total 13.5 years, but they excel at Shell, Eni and Chevron.
And the beginning of 2020, will add run projects such as Delta , west of the Nile in Egypt and the field of «Claire Ridge» in the North Sea , 800 thousand barrels per day of equivalent oil production to the company's oil and gas energy.
this figure seems in short - term snugly enough to offset the contraction of output from old fields and maintain or increase current production by two million barrels per day. But there is another indicator does not inspire the same amount of optimism is an alternative reserve, any new discoveries installed rate but unexploited as a percentage of annual output. This rate is for BP to 61 percent fell in the last year, the lowest for many years after reaching 129 percent in 2013. Since
not reflect this rate just a failure to launch reservoirs new oil, a problem for all multinational companies, but also an aversion to the implementation of the investments after the decline in the price oil 60 percent from mid-2014 levels, the same rate negatively to Shell last year, while the 148 percent of Eni discovered fields huge in Egypt.
proved some British projects petroleum failure, such as corruption scandals in Brazil ,which slowed production for all companies , as well as chaos in Libya and the futility ofwork in Canada. Australian authorities have refused so far to allow the company toexplore the Great Australian Bight which is untapped basin off the southern coast due toenvironmental protests. Ron Poso / site Business Insider[/rtl]