The majors are replacing natural decline at their mature fields with more profitable output from new projects. And most of them are starting to see the benefit in their bottom lines. BP is on track to add 800,000 b/d of oil equivalent (boe/d) of production capacity from new projects in 2015-20. These new assets will deliver, on average, around 35pc higher cash margins than the firm's base portfolio in 2015.
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