BP Plc (BP) Projects Significant Production Growth By 2020
Zacks Investment Research | May 17, 2017 09:34PM ET
Energy giant BP (LON:BP) Plc (NYSE:BP) recently announced that it anticipates production to reach 4 million barrels of oil equivalent per day (BOE/D) by the end of 2020. The company had produced 3 million BOE/D in 2016.
The increased output will be supported by seven key developments that will start production in 2017. Out of the seven developments, two projects are already online, while the other two are yet to become operational. Nine projects, which are expected to come online next year, will also support BP’s expected higher production.
BP added that with the present level of investment, production will spring back to levels before the 2010 Macondo oil spill incident. Investors should know that the energy major had to divest one third of its assets to make up for the losses associated with the oil spill.
Apart from focusing on oil and natural gas production, BP is now concentrating on the renewable energy sector. With the shift toward low carbon energy, BP has been eyeing renewables to boost its growth. In fact, BP has already inked an accord with General Electric Company (NYSE:GE) to support its wind energy business.
Headquartered in London, BP is an integrated energy company. The company’s stock underperformed the Zacks categorized Zacks Investment Research
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