Business News
BP outlines five-year production scheme to beat dwindling resources
Mar 2, 2010, 16:20 GMT
London - British Petroleum (BP) will begin production on 42 major projects worldwide over the next five years as existing fields decline, the oil company said in London Tuesday.
The schemes, ranging from Russia to the North Sea, would contribute one million barrels of oil a day by 2015 which would more than offset falling output from maturing fields, BP said.
The company would spend around 10 billion pounds (15 billion dollars) on exploration and production in 2010. It expected production to rise by between 1 and 2 per cent a year to 2015 and was confident of further growth to 2020.
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