BP aims to double exploration activities

Brazilian pre-salt is among the regions where the company plans to conduct drilling campaigns throughout the year

BP Energy plans to double its exploration activities in 2019, British oil chief Bernard Looney said in an interview with analysts. The Brazilian pre-salt will be one of the regions where the company plans to conduct drilling campaigns this year, alongside the Gulf of Mexico, Azerbaijan, Trinidad and Tobago, Mauritania and Senegal.

The executive did not detail quantity and types of wells globally or by geographical area. Last year, BP invested US $ 1.445 billion in exploration, down 30% from the previous year.

According to the Westwood Group, BP will be the eighth oil company to drill more “deep-water” deepwater wells by 2019 in the world, drilling between five and ten wells throughout the year. The consultancy estimates that Total will lead the category with 22 wells.

In Brazil, BP has continuously expanded its exploratory portfolio. Since 2017, the company has acquired six blocks, of which three as operator: Pau Brasil, in the Santos pre-salt, and blocks C-M-755 and C-M-793, in Campos.

Financial result and production

BP gained $ 12.7 billion in 2018, more than doubling its profit in 2017. The company’s revenue last year was $ 303.738 billion, a year-on-year increase of 25%.

The oil and gas production of the oil company reached an average of 3.7 million boe / day in 2018, an increase of 8.2% compared to 2017.

In the renewable sector, BP’s Brazilian biofuel production increased by 40% in five years. The company has a joint venture with Copersucar in the operation of an ethanol storage terminal in Paulínia, in the state of São Paulo.

Source: Brazil Energy

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