13th Oct 2005 14:37
BP PLC13 October 2005 Press Release October 13, 2005 BP ANNOUNCES $2.2 BILLION EXPANSION OF WAMSUTTER NATURAL GAS FIELD BP today announced that it will invest up to $2.2 billion to double productionfrom its acreage in the Wamsutter gas field in the Rockies region of the UnitedStates. The multi-year drilling program is expected to increase BP's share of ultimaterecovery from the field by 450 million barrels of oil equivalent and increase BPdaily net production from 125 to 250 million standard cubic feet per day by theend of the decade. The $2.2 billion outlay includes the drilling of 2,000 wells over the next 15years and a two-year, $120 million technology field trial program which couldlead to additional field development in the future. "This major investment follows more than two years of focused, accelerateddrilling and technical studies which revealed the untapped potential of theWamsutter resource. It has created 1,600 new development locations," said TonyHayward, chief executive, BP Exploration and Production. "It will allow us tocontinue aggressive development of one of the largest gas fields in the UnitedStates." The Wamsutter project is part of a projected 10-year, $15 billion investmentprogram BP plans for its North American onshore operations. "BP is committed to continued development of secure US energy supplies and isworking with stakeholders and with local, state and federal officials toincrease the supply of clean-burning natural gas to US markets," said RossPillari, President of BP America. "Expanded development of the Wamsutter gasfield is fundamental to that strategy." Notes to editors: • The Wamsutter field is located in Wyoming. Discovered in the 1950s, it encompasses 1,700 square miles and is one of the largest tight gas resources in North America. The field has multiple operators and has produced 2 trillion cubic feet of gas from more than 2,000 wells. • BP is the largest operator in the Wamsutter field with an interest in 352,000 leased acres. BP operates 950 wells. • BP is one of the world's leading energy companies. This year, the company will spend more than $5 billion to find, develop, transport and deliver new energy supplies to the US market. • BP is one of North America's largest producers and marketers of natural gas. To further expand US gas supply the company is seeking permits for construction of new LNG (liquefied natural gas) receiving terminals in Texas and New Jersey and is working to develop a viable pipeline project to deliver Alaska natural gas to the North American market. • BP is also investing in the Deepwater Gulf of Mexico, where four new fields have started production in the last three years and two new fields are being developed. For further information contact: David Nicholas, BP press office, London: +44-20-7496-4708Ronnie Chappell, BP press office, Houston: 281-366-5174Jack Rigg, BP America, Denver: 303-830-3250Marti Gazzier, BP press office, Houston: 281-236-2283 - ENDS - This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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