Upstream major projects
A balanced portfolio of world class major projects underpins BP's growth into the next decade
BP has long been known for its strong upstream business. Since the 1970s, we have built leadership positions in Alaska, Gulf of Mexico, the North Sea and in North America gas, some of the world's most prolific producing areas outside the control of state oil companies. In addition, we have strong incumbent positions in Egypt, Latin America, and the Middle East.
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In 1989, we set in place a strategy to create a long-term sustainable upstream business, delivering superior through-cycle returns by having a greater share of large, low cost oil and gas fields. This strategy remains unchanged today. In building our future, we have maintained a focused and disciplined approach to making portfolio choices from a rich opportunity set. That focus and choice have created new centres, all having materiality and quality. This section includes descriptions of our plans for the major projects across our portfolio, most of which are BP operated.Balancing risk
Aside from scale, the major project portfolio boasts product, technical and regional diversity. It is this diversity that enables BP to maintain a balanced approach to risk. Gas remains an important part of the production portfolio and an increasing proportion of our major projects are also expected to develop unconventional resources – tight gas, shale gas, coal bed methane, LNG, and heavy oil – which have long, sustained profiles.Performance
In 2008, BP demonstrated a strong track record of delivery, starting up nine projects. We have a deep slate of projects in our portfolio which enable us to apply standardisation and share learning that drive project execution efficiencies. This large and geographically diverse project portfolio gives us confidence in our long term production outlook.Your attention is drawn to the fact that the information contained in this section was prepared as at 19 October 2009. Despite our efforts, at the time you read it, it may no longer be accurate, up to date, or applicable. You should read the terms of the Legal Notice to this website and in particular the section dealing with "Our liability to you" in respect of the information in this document and elsewhere on the site.
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