Summary:
BP starts gas production from its Cypre development in Trinidad and Tobago.
Cypre is part of 10 major projects set to launch by 2027.
BP is increasing upstream oil and gas investment to $10 billion/year.
The company plans for 10 new major projects by the end of 2027.
Production growth expected to reach 2.3–2.5 million boed by 2030.
BP has officially started gas production from its Cypre development located offshore Trinidad and Tobago, marking a significant project startup as the company pivots back to oil and gas. This project is part of BP's 10 major projects set to launch globally between 2025 and 2027, reinforcing its strategy to enhance upstream production.
Recent Developments
The Cypre development is the second major project to commence in just two months, highlighting BP's commitment to convincing shareholders of its strengthened investment case following its strategic reset.
In February, BP hinted at a major strategy reset and subsequently announced the start of production from the second development phase of the Raven field offshore Egypt. This project involves the subsea tieback of additional wells to existing infrastructure in the West Nile Delta (WND) project.
Investment Strategy
As part of its reset, BP declared an increase in upstream oil and gas investment to $10 billion per year, while reducing spending on clean energy initiatives by more than $5 billion annually. The company aims to initiate 10 new major projects by the end of 2027, with expectations to boost production to 2.3–2.5 million barrels of oil equivalent per day by 2030, and further increase capacity by 2035.
Future Projects
So far, two of the ten major projects have begun production this year. Recently, BP also approved the Ginger natural gas project offshore Trinidad and Tobago. This project will include four subsea wells tied back to the existing Mahogany B platform, with first gas anticipated in 2027.
By Tsvetana Paraskova for Oilprice.com
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