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BP fuel card news: BP plans to increase output

03 March, 10
BP has extended its oil and gas projections, predicting that output will increase by an average of one to two per cent a year up to 2015.

Speaking at the annual strategy presentation, Tony Hayward, the company's chief executive, said BP had successfully reduced cost and improved financial performance in recent years.

He referred to the company's replacement ratio over the past 17 years, which has been 100 per cent or greater. Over the past two years, enough oil has been added to replace five years of production.

In 2009 oil production by BP increased by four per cent on 2008 to four million barrels of oil equivalent a day.

These figures lay behind the company's confidence in its ability to carry on with production growth through the next decade. Over the next five years, BP intends to start 42 new projects.

Mr Hayward said at the presentation: "We believe we've made a good start, but it's only a start."

Posted by Nick Jenkins
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BP fuel card news: BP plans to increase output