Thursday, September 16, 2010

BP (NYSE:BP) Sets Aside $19 Billion for North Sea Investment

In a hearing with British lawmakers, among other things, outgoing BP (NYSE:BP) Chief Executive Officer Tony Hayward said over the next five years the oil giant will invest up to $19 billion in the North Sea off the coast of Britain.

The drilling of a deepwater well off the Shetland Islands is scheduled for 2011.

Questions rose to BP's commitment to the region in response to the oil spill in the Gulf of Mexico. Hayward said no investment plans by the company for the North Sea have been altered.

Hayward also estimated oil and gas production from deepwater drilling will be close to 10 million barrels a day by 2020, twice what it is today.

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