WASHINGTON, Feb. 28 (Xinhua) -- Energy giant British Petroleum (BP) has pledged to increase its oil production and improve results at its marketing and refining division, The Wall Street Journal reported on Thursday.
In Tony Hayward's first strategy presentation since becoming BPCEO in May, he laid out his plan to turn around BP's fortunes, said the report.
He was quoted as saying that BP would see production of around 4.3 million barrels of oil equivalent a day by 2012, compared with3.82 million last year.
He said the company could sustain production of at least four million barrels a day through existing or newly developed projects until 2020, even with no new discoveries or access to new opportunities.
Like its rivals, BP faces a world where new reserves are harder to find. Investors have long wondered where BP's long-term growth would come from, with some analysts saying its conservative crude-price assumptions have led it to under invest in new projects.
Hayward's comments could help alleviate some of those concerns. He said BP's reserve-replacement rate -- a closely watched indicator that shows how production is matched by new finds -- stood at 112 percent in 2007 by the standards of the U.S. Securities and Exchange Commission, much higher than for many of BP's competitors, according to the report.
In Tony Hayward's first strategy presentation since becoming BPCEO in May, he laid out his plan to turn around BP's fortunes, said the report.
He was quoted as saying that BP would see production of around 4.3 million barrels of oil equivalent a day by 2012, compared with3.82 million last year.
He said the company could sustain production of at least four million barrels a day through existing or newly developed projects until 2020, even with no new discoveries or access to new opportunities.
Like its rivals, BP faces a world where new reserves are harder to find. Investors have long wondered where BP's long-term growth would come from, with some analysts saying its conservative crude-price assumptions have led it to under invest in new projects.
Hayward's comments could help alleviate some of those concerns. He said BP's reserve-replacement rate -- a closely watched indicator that shows how production is matched by new finds -- stood at 112 percent in 2007 by the standards of the U.S. Securities and Exchange Commission, much higher than for many of BP's competitors, according to the report.
