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BP : unlocks 1 Gbl of oil reserves in the US Gulf of Mexico

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01/11/2019 | 07:33am EST

Global oil and gas company BP has discovered two new oilfields in the US Gulf of Mexico (GoM) and has identified significant additional oil resources at the Thunder Horse deepwater field amounting to approximately 1 Gbl, which could create further development opportunities in the region.

Overall, BP plans to produce about 400,000 boe/d in the deepwater GoM by the middle of the 2020s, up from the current 300,000 boe/d. In 2009, BP`s production exceeded 400,000 boe/d but the company was forced to downsize its output in the region following the 2010 Deepwater Horizon disaster at the Macondo prospect.

BP has also made a final investment decision (FID) on Atlantis-3, a US$1.3bn expansion project at the Atlantis deepwater oil and gas field in the GoM. It will involve tying eight new production wells to the existing Atlantis platform, which currently has a production capacity of 200,000 bbl/d and 180 mcf/d of gas (5 mcm/d). This project will add around 38 kboe/d as of 2020. Other projects are expected to follow in the years to come, including in particular the development of the Thunder Horse and Mad Dog 2 projects.

(c) 2019 MediaQuest Corp. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials ($)
Sales 2018 307 B
EBIT 2018 21 623 M
Net income 2018 11 740 M
Debt 2018 41 141 M
Yield 2018 5,92%
P/E ratio 2018 11,84
P/E ratio 2019 11,75
EV / Sales 2018 0,58x
EV / Sales 2019 0,58x
Capitalization 137 B
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Average target price 7,92 $
Spread / Average Target 18%
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Robert W. Dudley Group Chief Executive Officer & Executive Director
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