BP says that it is back in the oil and gas growth business, with CEO Murray Auchincloss last month consigning his predecessor’s radical strategy reset to history. Plans to cut output to 1.5mn boe/d by 2030 and pivot to low-carbon energy have been axed, with the firm planning to build on last year’s 2.36mn boe/d and bring output up to as much as 2.5mn boe/d by 2030 and higher still by 2035 (MEES, 28 February).
While a global player, BP sees its future growth resting on two primary regions; the USA and the Middle East. The US is the single largest source of production for BP, providing it with net output of 376,000 b/d of crude and condensates, 107,000 b/d of NGLs and 1.69bn cfd of natural gas last year, but the Middle East as a whole isn’t too far behind. Output from the region increased to a seven-year high 294,000 b/d of liquids last year, while natural gas output was a record high 604mn cfd. Add in North Africa, and BP’s Mena output was 316,000 b/d and 1.52bn cfd (see charts). (CONTINUED - 1935 WORDS)
