Wednesday, November 3, 2010

BP (NYSE:BP) Looking to Brazil for Growth

BP (NYSE:BP) CEO Bob Dudley said one of the major strategies in relationship to growth is to develop projects off of Brazil.

Dudley stated that the U.S. is their first obligation in the ongoing fallout from the Gulf oil spill, and BP must “first, meet our obligations in the U.S.”

From there, he sees growth led by Brazil, and then exploration projects in the UK and Azerbaijan. Dudley added, “... we’ve built a growing business in Brazil. We’ve got Shah Deniz in Azerbaijan, we’ve got some U.K. exploration now to go. We’ve got a growing business in Egypt. We will be participating in China.”

Dudley knows that BP, while necessarily having to remain focused on making things right in the U.S., can't make that their only goal, as playing defense will never work over the long run for any company.

They have to have forward momentum, and Dudley has been going on the offensive more recently in what appears to be a move to rally his troops and lift the stigma that they are only struggling to survive off the company.

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