bp's history is full of discoveries, starting in 1908 with oil found in a rugged part of Persia after a long and difficult search.
bp is now one of the world's largest petroleum and petrochemicals companies. The company's main activities are exploration for and production of crude oil and natural gas; oil refining, marketing, supply and transportation; and manufacturing and marketing of petrochemicals.
In addition, BP also has a growing activity in gas, power and renewables and in solar power generation. bp has well established operations in Europe, North and South America, Asia, Australasia and Africa.
The company's principal areas of production are Angola, Argentina, Australia, Azerbaijan, Egypt, Oman, Trinidad, the UAE, the UK and the US.
In 2019, bp announced seven discoveries. In December, it confirmed the success of a three-well drilling campaign offshore Mauritania and Senegal, offering the potential for possible future developments.
The Alligin project, a tie-back to the Quad 204 development west of Shetland, UK, began production ahead of schedule in December and was the fifth Upstream major project start-up of 2019. The Raven project in Egypt is now expected to come onstream around the end of 2020. Final investment decisions for five further projects, in the US Gulf of Mexico, UK North Sea, Azerbaijan and India, were taken in 2019.
Production and reserves
Production in the fourth quarter of 2020 was 2,155mboe/d, 20.1% lower than the fourth quarter of 2019. This includes the impact of divestments mainly in BPX Energy and Alaska. Underlying production for the quarter decreased by 11.1%.
For the full year, production was 2,375mboe/d, 9.9% lower than the full year of 2019 mainly due to the impact of divestments in BPX Energy and Alaska. Underlying production for the full year decreased by 3.5% mainly due to impacts from reduced capital investment levels and decline, and significant weather impacts from hurricanes in the US Gulf of Mexico.
bp reported proved reserves of 19,341 million barrels of oil equivalent at 2019 year-end, Inclusive of the company's share of Rosneft as well as their interest in other equity-accounted entities.
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