Wednesday, November 3, 2010

BP (NYSE:BP) Drilling in Gulf for At Least 20 Years Says Dudley

Any idea BP (NYSE:BP) would willingly leave the Gulf of Mexico as a key production asset has been rejected by CEO Bob Dudley, who has recently stated more than once they're in it for the long haul.

In London, Dudley said this about the commitment of the company to the Gulf: “We certainly have a great set of production assets and we have opened up the lower tertiary play in the Gulf of Mexico, which is a two-decade play. That’s an important piece of exploration for BP we’re very good at. You’ll see us continue to participate in that.”

Dudley has been leading the company out of their defensive posture since the Gulf oil spill, and now that they've ended the oil from leaking into the Gulf, and cleanup is well under way, Dudley has the company focused on resuming production and profit, while reiterating the need to keep safety as their number one priority while drilling in deep water areas of the world.

Contrary to the media reports and assumptions, deepwater drilling hasn't slowed down at all, and is considered the focus for the long term in the industry as it relates to oil.

BP will continue to play a big part in that, although they have to take their safety practices to another level if they want to thrive, or even survive, as one more accident, depending on where they are in the world, would probably end their existence as a company.

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