Recent years have all been about cost-cutting for BP and other IOCs as they have bunkered down to weather the storm of low oil prices. And while IOCs are still being cautious, they are beginning to loosen the purse strings somewhat, as highlighted by a triumvirate of major deals BP signed in late 2016. The most eye-catching of these was BP’s return to Abu Dhabi’s onshore Adco concession in December (MEES, 23 December 2016).
Adco will provide an immediate boost to BP’s output figures, supplementing gains from pre-existing projects that are set to start-up in the coming months. 2017 is set to be a defining year for the company and one in which the Middle East and North Africa (Mena) will be central to BPs production gains. (CONTINUED - 1385 WORDS)
