Commodities
BP Focuses on Familiar Turf as Its Rivals Push New Oil Exploration Frontiers
- Gulf of Mexico is at heart of plan for oil output growth
- BP’s proved reserves are lower than its closest rivals
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For a company that made its name with frontier oil discoveries from Iran to Alaska, BP Plc is notably absent from today’s hottest new oil plays. The company’s head of exploration and production is just fine with that.
Investors in ExxonMobil Corp. have the excitement of huge discoveries in Guyana, and TotalEnergies SE and Shell Plc can look to promising deep-water finds in Namibia. But for BP, real value lies in an intensely drilled region where the company has decades of experience — the Gulf of Mexico.