BP aims at output of 4M barrels a day by 2020
BP (BP +0.2%) says it expects to grow its production to 4M bbl/day by the end of the decade from 3M bbl/day last year, as it brings seven major projects to production this year and another nine on track for start-up starting in 2018.
Chairman Carl-Henric Svanberg told the annual general meeting today 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 third of our assets to cover the Gulf costs."
CEO Bob Dudley told the meeting that the energy sector was shifting toward a balance between oil and gas opportunities with renewable energy, and that BP must adapt to a changing market by "taking opportunities at the right time and helping to drive the move to a lower carbon world."
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