"We think that the future may be sooner than some of us are considering, " Robert Hunter, president of ASRC Energy Services, which led the first major field study in Alaska's Prudhoe Bay with BP Alaska Exploration and the Department of Energy, told Petroleum News.
The main casualty of the latest restructuring is Andy Inglis, head of BP's exploration-and-production arm and essentially the company's No. 2 executive.
The day began with another BP executive, exploration and production head Lamar McKay, who finished his live testimony, repeating the line he gave on Tuesday that others shared the blame with BP.
Doug Suttles, chief operating officer of BP's exploration and production division, denied the operation had failed and said the company was trying to figure out a way of providing heat at a depth of 5, 000 feet to melt the crystals.
The government is walking a thin line trying to address environmental concerns with suitable regulation while also looking to boost employment and falling production among oil and gas majors like Exxon and BP by allowing new exploration projects.
Golden, then a staff geologist and now head of deepwater exploration for BP, came up with a theory that massive oil deposits lay just beyond the Continental Shelf in the Gulf of Mexico, in waters 300 meters deep or more.
Lord Browne will step down from his post in July - after 12 years at the helm of BP - and be succeeded by Tony Hayward, who is currently head of exploration and production at BP.
According to the Sunday Times, Mr Straw wrote to his Scottish counterpart Kenny MacAskill on 19 December 2007, six weeks before an oil exploration contract for BP in Libya was ratified.
The exploration project, BP's biggest worldwide, will take years.
Doug Suttles, the chief operating officer for exploration and production at BP, said it had not yet given up on engaging the valve, but was considering other possible solutions.
Analysts said that BP will provide much needed deepwater exploration expertise to Reliance which has been struggling to ramp up production at KG-D6, its biggest block which lies off the east coast.
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BP's return on investment in exploration and production could increase to 18.6% next year from 13.6% in 1999, mostly because of cheap reserves, says Terreson.
David Rainey, BP's former vice president of exploration for the Gulf of Mexico, was charged with withholding information from Congress about the amount of oil that was gushing from the well.
Last year, AAR, which is owned by four Russian-born billionaires led by tycoon Mikhail Fridman, was unhappy with BP's attempt to form an exploration alliance with Rosneft and secured a High Court injunction blocking the plan.
BP, Chevron and others are involved in exploration joint ventures with Chinese partners.
It is no wonder that BP are acting out this exercise in a public way as US lawmakers threatened to block any application BP would make to be party to drilling and exploration activity involving new US offshore leases because of its past safety record.
Furor has mounted in the U.S. and U.K. over the hero's welcome given by Libya to Abdelbaset al-Megrahi, who is dying of cancer, with politicians on both sides of the Atlantic calling for an investigation into whether al-Megrahi's release was a condition of oil exploration contracts signed by Britain's BP in 2007.
"We think that the future may be sooner than some of us are considering, " Robert Hunter, president of ASRC Energy Services, which led the first major field study in Alaska's Prudhoe Bay with BP (nyse: BP - news - people ) Alaska Exploration and the Department of Energy, told Petroleum News.
From Chevron to BP, downstream units failed to perform at the level of production and exploration units, as prices surged.
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Shell's Arctic exploration plans caused widespread concern among environmentalists and were held up after BP's Deepwater Horizon disaster in the Gulf of Mexico.
Shell's Arctic exploration plans caused widespread concern among environmentalists and were held up after BP's 2010 Deepwater Horizon disaster in the Gulf of Mexico.
His Vanco Energy, in Houston, Texas, has 11 million hectares of exploration and drilling rights in the area--more deepwater rights than Shell, ExxonMobil and BP combined.
"The principal motivation and the primary competitive justification for BP-Amoco and Exxon-Mobil is to gain the necessary scale to undertake larger and riskier global exploration and development projects that become available, " says Philip K. Verleger Jr.
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