BP has made progress in shifting its exploration portfolio towards natural gas and advantaged oil, according to the company’s second quarter exploration results.
The company announced last year that it was reviewing its exploration activities in order to increase the number of new material production regions and exit less competitive prospects.
BP Upstream’s chief executive Bernard Looney said: “We are making disciplined choices throughout our business, including in exploration, and pursuing only opportunities that will deliver clear value for our shareholders.
“Equally important to this disciplined, value-over-volume strategy, we are choosing not to pursue activities that we don’t think will deliver maximum value for our shareholders.”
As a result of the new strategy, the company has announced four discoveries so far this year.
The Savannah and Macadamia discoveries in Trinidad, announced this month, are expected to unlock about 2 trillion cubic feet of gas.
Discoveries were also made in Egypt and Senegal.
Exploration licenses have been won in Newfoundland and Mexico, in line with the strategy to select new material production regions.
BP’s head of exploration said: “This combination of new discoveries and new access has given BP a strong, resilient and more diversified exploration portfolio that lays the foundation for future growth in some of the world’s most exciting hydrocarbon basins.”
But the picture wasn’t completely positive for the company, which anticipates write off of about $750 million after deciding to relinquish its interest in block 24/11 offshore field in Angola.
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