BP Says Peak Oil Demand May Occur Post-2050, Plans to Increase Production

2 Mar 2017   United Kingdom

In the wake of the expected growth trends set out by its energy outlook, BP plc revealed in its latest strategy update that it anticipates production to increase by an average of 5 percent per year from 2016 to 2021. BP Group production, which includes BP’s share of production from Rosneft, is expected to be around 4 million barrels of oil equivalent per day (boepd) by 2021, the energy major said in a Feb. 28 company statement. According to BP: six projects began production in 2016 seven projects are scheduled to come online in 2017 nine projects are expected to come on-stream between 2018 to 2021 The projects coming online in 2016 and 2017 are said to be on track to deliver 500,000 boepd in new production capacity by the end of this year. Production ramping up from new upstream projects is expected to deliver a material improvement in […]

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