Browne: BP to spend $50 billion on exploration, production next five years - June 18, 2006

Providing coverage of Alaska and northern Canada's oil and gas industryJune 2006

Vol. 11, No. 25

Week of June 18, 2006

Browne: BP to spend $50 billion on exploration, production next five years

According to a June 14 report in Forbes, BP Chief Executive Lord Browne told reporters that BP plans to invest US$50 billion on oil and gas exploration and production over the next five years.

The money will be spent to bring online natural gas from Alaska, Indonesia, Egypt, the Caspian and East Siberia, while more oil will be extracted from Angola, Russia and the Gulf of Mexico, Browne said at a news conference marking the launch of BP’s Statistical Review of World Energy.

The $50 billion represents a $3 billion increase over what BP has spent on E&P worldwide in the last five years, the magazine reported.

—Petroleum News

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