BP Sees 11bn Barrels of Reserves Potential

UK-based oil major BP this morning delivered more than US$6bn of second quarter adjusted net income and, at the same time, provided a highly bullish statement on the group's oil and gas reserves position. Chief executive Lord Browne stated that BP has 16 major projects currently under development that are scheduled to start up in the 2007-9 period, and a further 11 under appraisal. Beyond 2009, the company now sees a further 26 major projects which would be expected to develop around 8bn barrels of oil equivalent (boe). BP therefore believes it will register 11bn boe as proved reserves between

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