In a talk he gave last week at the Society of Petroleum Engineers Offshore Europe conference in Aberdeen, BP CEO Bob Dudley said his company has cut production costs by half in the North Sea.
“This focus on standardization, simplification and discipline on cost has contributed to our average production costs in the North Sea coming down from a peak of over $30 a barrel in 2014, to less than $15 a barrel today. Heading towards 2020, with all our major new developments coming into production, we expect that to come down below $12 a barrel in the North Sea,” the BP chief executive said.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
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