BP sees 2% growth in Upstream production

By Trend

BP saw a 2 percent growth in Upstream production in the first quarter of 2019, Trend reports citing the company.

“Upstream production, excluding Rosneft, for the quarter was 2,656mboe/d, 2 percent higher than a year earlier due to acquisition of the BHP assets and growth of major projects. Upstream plant reliability was 96.2 percent,” reads a report released by BP on Q1 2019.

Upstream unit production costs were $7.39/ boe, said the company.

“Constellation in the Gulf of Mexico was the first Upstream major project to come onstream in 2019, followed by the second stage of the West Nile Delta development, the Giza and Fayoum fields, in Egypt and the Angelin development offshore Trinidad,” reads the report.

BP said that these are the first of five Upstream major projects expected to begin production in 2019.

BP has now safely brought 22 new upstream major projects into production since 2016, remaining on track to deliver 900,000boe/d from new projects by 2021, according to the report.

“Since the start of the year, BP has taken final investment decisions on the Atlantis Phase 3 development in the Gulf of Mexico, Azeri Central East in Azerbaijan and Seagull in the UK North Sea. On 1 March, BPX Energy assumed full control of the BHP acquired US field operations. In March, BP confirmed a gas discovery, operated by Eni, in the Nour North Sinai offshore prospect in the Egyptian Eastern Mediterranean,” the company said.

BP is a global energy business with wide reach across the world's energy system. It has operations in Europe, North and South America, Australia and Africa.