Investors should feel confident about BP’s, Eni’s and Shell’s increased wave of new project approvals during the recent downturn. A Rystad Energy review of the performance of their recent projects against those of other operators shows that the three European oil giants have outperformed their peers. For projects that have started up since 2014, majors have collectively achieved greenfield costs of $13.50 per barrel of oil equivalent. These development costs were in addition to their collective $8.80 per barrel of oil equivalent lifting costs from 2017. The below analysis allocates 100% of a project’s cost to the operator who is executing the project (i.e. does not split to equity shares). Matthew Fitzsimmons, Vice President at Rystad Energy, commented: “It is remarkable that BP, Eni and Shell introduced over $109 billion of new greenfield projects below the industry average greenfield cost and still were able to still achieve industry-leading lifting […]