BP Plc (BP)

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BP sees another 1B barrels in Gulf of Mexico production with new technology

BP's regional VP for the Gulf of Mexico says the company's use of a new seismic imaging technology has identified 1B additional barrels of "possible resources" at four of its U.S. offshore fields.

Richard Morrison tells the Offshore Technology Conference in Houston that BP's "full waveform inversion" imaging technology - which enhances the clarity of images collected from existing seismic surveys, particularly those involving complex salt structures that were obscured or distorted - was applied to data from its Atlantis, Mad Dog, Thunder Horse and Na Kika fields.

Morrison also says BP’s offshore drilling operations have adapted to a lower oil price environment, where the company can turn a profit at $50/bbl, but the company would not drill if prices dip any lower.