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The New York Times has published a piece commenting on the flood of recent oil field discoveries, far exceeding the pace in this decade. Much as this is cause for joy, new oil finds are deeper, costlier, and more difficult to process. Finally, we ought to have a few more data points before calling a curve.
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I think it’s a legit joy for BP! BP’s huge investment in the area of deepwater exploration is paying off very well, #1 operator in the deepwater basin producing 400,000 BOE/day and with the new Tiber Oil Field and others we are likely to see an increase in the number to at least 600,000 BOE/day. BP has been always ultra conservative in estimating its reserves as seen with Prudhoe Bay Oil Field, so I wouldn’t be surprised if we see more oil from BP’s deepwater projects. Better oil prices in the next decade and the absence of risk factors such as civil unrest, high-tax foreign countries, etc BP is well positioned to earn well. And so I think it is a well deserved pay off.