BP chief talks up need for culture

BP chief executive Bob Dudley talked up the North Sea and so-called enhanced oil recovery (EOR) methods at a major conference in Abu Dhabi yesterday.

Speaking on the opening day of the Adipec oil and gas show, he said BP was “still highly focused on the North Sea”.

The transfer of mature assets from oil majors to smaller firms has become a trend in the region recently.

BP struck a deal to sell a 25% stake in the Magnus field and 3% of the Sullom Voe Terminal in Shetland to EnQuest earlier this year.

But BP also has longterm projects in the area, particularly west of Shetland.

“Culture trumps strategy every time”

Its Quad 204 project started up in May and is expected to deliver 450million barrels of oil equivalent through to 2035 and beyond.

And the Clair Ridge development is slated to come on stream next year and continue producing until 2050.

As well as reiterating BP’s focus on the North Sea, Mr Dudley said EOR could play a vital role in “bringing more oil and gas out of existing reservoirs”.

Even if the techniques only squeezed out an extra 1% from the world’s fields, the contribution would be huge, he said.

Mr Dudley also said it might be a good idea to experiment with EOR onshore rather than maintaining offshore platforms.

In addition, he spoke about BP’s response to the slump in oil and gas prices. “Companies can have great strategies but if they do not have the right culture, they will not be able to execute them,” he said, adding: “Culture trumps strategy every time.”