BP steps up exploration drive

摘要

BP is talking up its exploration credentials and spending plans as it looks to new frontiers to boost reserves replacement and longerterm production prospects. BP plans to spend $3bn-3.5bn/yr on exploration and appraisal over the next five years, double its spending in this segment in 2006-10, executive vice-president for exploration Michael Daly says. Canadian independent Talisman exploration executive vice-president Richard Herbert will replace Daly when he retires in January, but BP’s exploration focus will stay on the Atlantic basin. And the firm aims to announce shale deals outside the US in the coming months.