BP expects to start-up seven major projects in 2017, making it one of the most significant years for commissioning new projects in their history. Together with the projects already brought on line in 2016, these new projects will make a huge contribution to the 800,000 barrels of oil equivalent per day (mboed) of new production by 2020.
BP is investing in new projects on this basis- ensuring that can be viable at low oil price levels for long periods of time. 2017 has seen a phenomenally high amount of activity for BP as it seeks to get all 7 of the new projects online. Consider the following; in 2011 BP logged 8 million work hours, whilst in 2017, BP is expecting to log 88 million hours for projects under construction around the world.