BP says oil fields declining

NEW ORLEANS – Oil company BP’s existing oil and gas fields are posting production declines of about 3 per cent, Tony Hayward, the company’s chief executive for exploration and production, said on Wednesday.
“That piece of the portfolio as a whole is declining around 3 per cent,” he told an energy conference.
The company’s key profit centers, which exclude its stake in Russian TNK-BP and new output from Azerbaijan, are expected to produce about 2 million barrels of oil equivalent per day in 2005 and are showing different decline rates, he said.
“Alaska is mostly flat; the North Sea is declining somewhere between 6 and 8 per cent; and our South America business is growing, but taken as sub-segment of E&P, it’s declining around 8 per cent,” he said.

Reuters via nzherald