Tuesday, October 26, 2010

BP (NYSE:BP) Committed to Drilling in Gulf, Says CEO Dudley

With the selling of four deepwater oil and gas fields in to a Japanese group Monday, the question was put forth on whether or not BP (NYSE:BP) was going to remain in the Gulf.

BP's CEO Bod Dudley put that question to rest, reaffirming the commitment of the company to remain drilling in the Gulf.

Some media outlets were evidently ignorant of the fact that many of the assets BP is selling are non-core assets, and these Gulf assets are included in the bunch, as they came with an investment of other assets, which BP said the four fields were never going to remain part of the company, whether the oil spill had happened or not.

The question was meaningless, as part of the strategy of BP, if they're allowed to go forward with it, is to grow a significant portion of their business through North American assets, with a lot of that being the Gulf of Mexico.

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