Good morning campers. I’m your Uncle Ernie and I welcome you to Tommy’s Holiday Camp. The camp with a difference, never mind the weather. When you come to Tommy’s, the holiday’s forever!
BP’s Dudley Embraces Deepwater Risk in U.S., Brazil After Spill
By Brian Swint and Stanley Reed, Bloomberg News
Nov 3, 2010 4:33 AM ET
BP Plc Chief Executive Officer Robert Dudley expects to drill in the U.S. Gulf for 20 years as the company exploits its experience searching for oil miles below the sea.
“Companies like BP, one of the roles they play in the industry is working in riskier areas,” Dudley, 55, said in an interview at BP’s worldwide London headquarters yesterday. BP “is now going to become incredibly focused on managing the risks, for example, of deep-water. It’s not going to shy away from the risk, it’s going to get even better at it.”
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“We certainly have a great set of production assets and we have opened up the lower tertiary play in the Gulf of Mexico, which is a two-decade play,” said Dudley. “That’s an important piece of exploration for BP we’re very good at. You’ll see us continue to participate in that.”
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Deep-water production accounts for about 18 percent of BP’s global output. The company is the top deep-water explorer in the Gulf and has taken part in more than 40 percent of the area’s large field discoveries in the past decade, according to its website. It also drills from deep-water fields in Angola. In March, BP bought assets in Brazil as part of a $7 billion deal with Devon Energy Corp.
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