BP Reduces Production

BP reduces production growth of 5.5 per cent to 4.5-5 per cent. The reduction was caused with sequence of failures in August. That is operational problems in the North Sea and Alaska and the shutdown of the UK gas interconnecto.

Engineering problems at BP’s Schiehallion field, west of the Shetland Islands, caused the loss of 50,000 barrels a day last month. An explosion at a well in Prudhoe Bay in Alaska added to the troubles, forcing production to be halted at 150 further wells for checks. The impact of the shutdowns, combined with gas export constraints in North America, will leave BP short of 75,000 barrels a day of incremental production in the third quarter.

That’s why BP oilshares plunged 6 per cent.


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